Forex Reserves Burgeon Past $52 Billion

Foreign exchange reserves of the country touched a new high of $52 billion in the week ended March 15, 2002. Inflows of $753 million helped reserves inflate to $52.189 billion in the reporting week.

In the last five-odd months alone, forex reserves of the country have surged by $7.052 billion. Inflows during the five-odd months accounted for 70.58 per cent of the total inflows of $9.991 billion during the financial year so far.

Economists said the Reserve Bank of India (RBI) is mopping up dollars from the market via the state-owned banks.