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Forex reserves swell to $55.71 billion

India's foreign exchange reserves have swelled by $92 million at $55.712 billion during the week ended May 10.

The foreign currency assets increased by $92 million at $52.57 billion in the reporting week, according to Reserve Bank of India's weekly statistical supplement issued in Mumbai on Saturday.

In case of scheduled commercial banks, aggregate deposits rose by Rs 538.35 billion (4.8 per cent) at Rs 11,864.68 billion during the fortnight ended May 3.

Bank credit was also up at Rs 6343.10 billion witnessing a rise of Rs 366.70 billion (6.1 per cent).

Food credit showed a rise of Rs 45.16 billion at Rs 570 billion while non-food credit increased to Rs 5773.10 billion, up by Rs 321.53 billion, the RBI said.

The apex bank said during the week ended May 10, gold at $3.131 billion and special drawing rights remained unchanged at $12 million.

Loans and advances to central government increased by Rs 39.88 billion at Rs 122.10 billion while that to state governments swelled by Rs 6.57 billion at Rs 55.02 billion.

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