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Forex reserves rise $172 m

Our Bureau

MUMBAI, Jan. 20

FOREX reserves have increased by $172 million to $40.353 billion for the week ended January 12, 2001 as compared to $40.181 billion in the previous week, according to the Weekly Statistical Supplement (WSS) released by the Reserve Bank of India.

The foreign currency assets increased by $172 million at $37,540 million as compared to $37,368 million in the previous week.

Gold reserves and special drawing rights remained static at $2,811 million and $2 million respectively in the reporting week.

Non-food credit has increased by Rs 9,738 crore to Rs 4,57,797 crore for the fortnight ended December 29, 2000.

Bank credit has also gone up by Rs 10,242 crore to Rs 4,95,247 crore as on December 29. The total accommodation provided by scheduled commercial banks to the commercial sector in the form of bank credit and investment in shares, debentures, bonds and com mercial paper has increased by Rs 53,952 crore to Rs 5,26,024 crore as on December 29 from Rs 4,72,073 crore.

This week, the rupee gained 16 paise, closing the week at 46.37/38 after closing at 46.54/55 on Monday. The currency has firmed up by 50 paise since the beginning of January. Dealers have attributed this rally in the rupee to substantial FII supplies.

Loans and advances: According to the WSS, loans and advances by the RBI to the Central Government has increased by Rs 190 crore to Rs 2,836 crore on January 12 from Rs 2,646 crore on January 5.

Year-on-year money supply has declined to 15.6 per cent for the two weeks ended December 29.