India's forex reserves surge past $112 billion

India's foreign exchange reserves surged ahead in the first week of the new fiscal following fresh accretion of over $1 billion to move past the record levels of $112 billion during the week ended April 2, 2004.

Market purchases by the Reserve Bank of India, revaluation of the dollar vis-a-vis other currencies, export remittances and fresh inflows led to inflows of $1.068 billion enabling forex reserves to climb to $112.680 billion, according to RBI's weekly statistical bulletin released in Mumbai on Saturday.

Foreign currency assets also swelled by $1.050 billion to touch $107.175 billion during this period, it said.

Gold reserves rose by $8 million taking the total to $4.198 billion while special drawing rights remained static at $2 million.

India's reserve tranche position with the International Monetary Fund rose by $10 million to $1.315 billion, the central bank said, adding RTP has been included in the reserves from the week ended April 2 in keeping with the international best practice.

The loans and advances to the central government were at a nil balance while that to state governments decreased by Rs 1,510 crore (Rs 15.10 billion) at Rs 3,068 crore (Rs 30.68 billion), RBI added.