Business Briefs 05-06-2005

Forex kitty up $175 m ECB plans

By The Telegraph Online in Mumbai
  • Published 4.06.05
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Forex kitty up $175 m

Mumbai, June 4: After a steady decline for the past four weeks, the foreign exchange reserves (forex) rose by $175 million to $139.829 billion for the week ended May 27, according to Reserve Bank of India's weekly statistics released here today. The foreign currency assets went up by $181 million to $133.948 billion for the week. The rise is mainly due to revaluation of international currencies, including the dollar, analysts said. Gold reserves and special drawing rights, however, remained static at $4.443 billion and $4 million, respectively. Loans and advances to the state government rose by Rs 868 crore to Rs 895 crore.

ECB plans

Mumbai, June 4: The Reserve Bank of India has received 46 proposals for external commercial borrowings (ECB) and foreign currency convertible bonds (FCCB) under the automatic route in April. These include a $10-million FCCB issue of Hotel Leelaventure, a $20-million ECB proposal of Deepak Fertilizers and Petrochem Corp and Suzuki Motorcycle India?s $10-million ECB. Under the approval route, Shell India Marketing sought to raise $15 million, while IDFC would raise $25 million.