Forex reserves up by $36 mn

MUMBAI, NOV 14: The country’s forex reserves rose by $ 36 million during the week ended November 6, 1998 to touch $ 29.71 billion. The rise is mainly on account of the increase in gold reserves which went up by $78 million during the same week to touch $3.06 billion.

The country’s foreign currency assets, however, dipped by $42 million during the week to touch $26.54 billion. The SDR reserves remained unchanged at $113 million. The centre’s recourse to ways and means advances was up by Rs 904 crore to touch Rs 3,330 crore for week ended October 30. The government subsequently privately placed Rs 5,000 crore with the Reserve Bank of India on November 2 through a five- and a six-year paper. It is likely that the government must have breached the 75% mark of its limit which forced the private placement. Money supply (M3)n was down marginally to 20.5% for the fortnight.