India’s foreign-exchange reserves had their biggest drop since December 2005, central bank data showed.
Total reserves dropped US$5.5 billion to US$300.01 billion in the seven days ended on Aug. 8, the fourth week of declines, the Reserve Bank of India said in an e-mailed statement in Mumbai.
Foreign-currency assets declined US$5.5 billion to US$289.8 billion during the week, the bank said.
Gold reserves held at US$9.74 billion, while reserves with the IMF fell US$8 million to US$504 million. The nation’s special drawing rights with the IMF held at US$11 million.
The change in foreign-currency assets is partly because of changes in the value of the dollar against the euro, the yen and other currencies during the period, the central bank said.
India’s foreign-exchange reserves, including overseas currencies, gold and special drawing rights with the IMF, have increased US$71.01 billion in the past year, the bank said.
Meanwhile, Indian bank loans rose by 197.3 billion rupees (US$4.6 billion) in the month ended Aug. 1, increasing outstanding advances to 24.3 trillion rupees, central bank data showed.
Loans to industry and consumers rose by 257.4 billion rupees during the period, while food credit fell 60.01 billion rupees, the Reserve Bank of India said in an e-mailed statement in Mumbai.
Credit rose 25.8 percent, or 4.98 trillion rupees, in the year through Aug. 1. Total bank deposits increased 20.9 percent, or 5.8 trillion rupees, to 33.5 trillion rupees.
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