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Our Bureau

Mumbai, June 19 The country’s foreign exchange reserves increased by $2.427 billion to $263.644 billion for the week ended June 12, according to data released in the Reserve Bank of India’s weekly statistical supplement.

For the week ended June 5, the reserves fell by $1.089 billion to $261.217 billion.

In the week under consideration, the foreign currency assets increased by $2.431 billion to $252.798 billion, on account of revaluation of the reserves.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies. The dollar had weakened against the euro and the pound in the week ended June 5, said a dealer with a private sector bank. Gold reserves and SDRs remained unchanged at $9.604 billion and $1 million respectively. The reserve position in the IMF fell by $4 million to $1.24 billion.

Bank credit increased substantially by Rs 21,460 crore to Rs 27,57,210 crore as on June 5.

Food credit increased by Rs 1,625 crore to Rs 59,108 crore and non-food credit increased by Rs 19,834 crore to Rs 26,98,102 crore.

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