Forex reserves rise to US$ 282950.7 million as of 25 October 2013

Foreign currency assets reserves rise to US$ 254503.4 million

Foreign exchange reserves rose to US$ 282950.7 million as on 25 October 2013. The foreign exchange reserves increased by US$8.1442 million after the new RBI governor took over on 04 September 2013.

The reserves increased for the fourth straight week since 27 September 2013 on overseas money flows. It rose US$6686.7 million in the last one month. Reserves in rupee terms increased to Rs 17461.9 billion as on 25 October 2013. As of week ended 25 October, foreign currency assets reserves rose by $1807.5 million to US$ 254503.4 million.

The RBI governor immediately after joining announced special subsidised window for swapping foreign currency non-resident (banks) deposits and overseas foreign currency borrowings to attract dollar demand and prevent rupee's free fall against the dollar. This facility will continue till 30 November 2013.

Further, the banks were allowed to swap fresh FCNR(B) deposits, mobilised with a minimum three years maturity and having a lock in period of one year, at a fixed rate of 3.5% for the tenor of the swap. It relaxed banks overseas borrowing norms and allowed them to raise capital abroad to the tune of 100 per cent of their paid-up equity capital.

RBI has also allowed banks to raise interest rates on NRI deposits to attract dollars. NRI pumped in dollar in deposits schemes in India to make most of the interest rate difference and rupee depreciation. While the gold reserves increased by US$41.3 million to US$21765.4 million in a month to 25 October 2013.

Foreign Exchange ReservesItem As on October 25, 2013 Variation overWeek End-March 2013 YearRs Bin US$ Mn. Rs Bin US$ Mn. Rs Bin US$ Mn. Rs Bin US$ Mn.1 2 3 4 5 6 7 81 Total Reserves 17,461.9 2,82,950.7 203.2 1,828.1 1,577.7 -9,095.5 1,651.8 -12,340.11.1 Foreign Currency Assets 15,683.8 2,54,503.4 199.6 1,807.5 1,557.5 -5,222.5 1,715.1 -5,961.41.2 Gold 1,366.4 21,765.4 - - -31.0 -3,926.6 -116.1 -6,367.51.3 SDRs 275.4 4,469.4 2.4 13.7 40.0 141.8 37.7 36.91.4 Reserve Position in the IMF 136.3 2,212.5 1.2 6.9 11.2 -88.2 15.1 -48.1

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