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Our Bureau

Mumbai, Aug. 29 The foreign exchange reserves increased by $1.076 billion to touch $297.286 billion for the week ended August 22, according to figures released by the Reserve Bank of India’s Weekly Statistical Supplement.

Forex reserves have registered an increase after falling for five consecutive weeks.

For the week ended August 15, the reserves fell by $4 billion to $296 billion.

In the week under review, foreign currency assets increased by $1.074 billion to $287.049 billion.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, yen and sterling.

A forex dealer attributed the increase in the reserves to the strengthening of the dollar against other major currencies in the overseas markets.

Gold and SDRs remained unchanged at $9.735 billion and $4 million respectively. The reserve position in the IMF increased by $2 million to $498 million.

Bank credit increased substantially by Rs 12,486 crore to Rs 24,40,078 crore as on August 15, 2008.

Food credit decreased by Rs 296 crore to Rs 44,053 crore while non-food credit increased by Rs 12,782 crore to Rs 23,96,025 crore.

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