6 february 2000

forex reserves fall
mumbai: the foreign exchange reserves have come down to $34.87 billion during the week ended 28 january from the previous week’s level of $35.17 billion. the weekly statistical supplement of the reserve bank of india said the total foreign exchange reserves, including gold and sdrs, fell by $294 million to $34,876 million. the levels of sdrs and gold have remained unchanged.

the fall in reserves of foreign currency assets has been partly due to heavy selling by the central bank through the state-run banks during the week to prop up the rupee, which showed some signs of weakening due to tensions on the border.

the total stock of money as on 14 january amounted to rs 10,88,680 crore, representing a rs 84 crore growth over the previous fortnight’s level.