Forex reserves up $1.5bn to $212bn

 Reserves zoom four-fold in FY07

 PTI adds: A booming economy, coupled with the rising rupee, has led to more than a four-fold increase in foreign exchange reserve by $47.5 billion during 2006-07 as against $10.1 billion in the previous fiscal.

External commercial borrowings (ECBs) contributed maximum to the kitty as corporates borrowed a net of $16.1 billion from the overseas debt market.

One major reason for the four-fold increase in net accretion of forex reserve was appreciation of the rupee, which resulted in a gain of $10.9 billion during 2006-07 as against the valuation loss of $5 billion in the previous year.

The valuation gain reflects the appreciation of major currencies against the US dollar, the central bank said.