Forex reserves up at $121.106 billion
Mumbai: The country's forex reserves moved up by $328 million to $121.106 billion for the week ended July 16, 2004 from $120.778 billion in the previous week ended. Forex analysts attribute the increase in reserves to revaluation of currencies and interest accruals. The foreign currency assets jumped by $332 million to $115.737 billion. The reserve position in the IMF has declined by $4 million to touch $1.310 billion. Net FII investments were to the tune of $29.00 million as per the SEBI data. Liquidity position continues to be comfortable, with funds to the tune of Rs 53,630 crore parked with the RBI in repos for the week ended July 16.
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Bank credit up Rs.82, 312 crore
Mumbai: Bank credit moved up by Rs 4,904 crore to touch Rs 82,312 crore for the fortnight ended July 9, 2004. Food credit grew by Rs 396 crore to touch Rs 43,457 crore, while non-food credit jumped by Rs 4,508 crore to Rs 8,38,854 crore. Accommodation provided by scheduled commercial banks to the commercial sector in the form of bank credit and investments in shares, debentures, bonds or commercial papers was at Rs 9,26,164 crore for the fortnight ended July 9. M3 money supply growth rate was 15.30 per cent in the year till July 9, compared to 14.8 per cent the previous fortnight.
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