Gold price dip slows down forex march
The fall in gold prices worldwide in June has taken its toll on India’s foreign exchange reserves.
By TNN |
MUMBAI: The fall in gold prices worldwide in June has taken its toll on India’s foreign exchange reserves. The value of gold in reserves dipped $830m on the back of a $50-per-troy-ounce dip in gold prices in June.
The fall in the value of gold contained the rise in foreign exchange reserves to $952m during the week ended June 30, even though foreign currency assets rose $1.8bn that week. According to the figures released by the Reserve Bank of India (RBI) in its weekly statistical supplement (WSS), total foreign exchange reserves including gold and SDR went up $952m during the week ended June 30.
While the reserve tranche position in the IMF dipped $9m during the week, value of SDR in reserves, however, remained unchanged. In the banking sector, aggregate deposits mobilised by scheduled commercial banks amounted to Rs 19,94,226 cr as on June 29, up Rs 700 cr over the previous fortnight’s levels. While demand deposits dipped Rs 5,033 cr, time deposits went up Rs 5,734 cr during the fortnight.
Investments by banks in government and other approved securities stood at Rs 7,43,774 cr, down Rs 4,763 cr during the fortnight. While investments in g-secs dipped Rs 4,271 cr, that in other approved securities dropped Rs 105 cr. Loans given by banks amounted to Rs 15,23,168 cr as on June 23, up Rs 12,601 cr over the previous fortnight’s levels. While food credit went up Rs 752 cr, non-food credit was up Rs 11,489 cr during the fortnight.
As per the updated money supply figures, the total stock of money in the system was Rs 27,87,515 cr as on June 23, down Rs 3,941 cr as against the previous fortnight’s figures. While currency with the public and demand deposits dipped Rs 3,821 cr and Rs 5,685 cr respectively, term deposits jumped Rs 5,934 cr. The Centre has not resorted to ways and means advances for yet another week whereas the state governments have again opted for WMA with their outstandings with the RBI at Rs 106 crore.
The fall in the value of gold contained the rise in foreign exchange reserves to $952m during the week ended June 30, even though foreign currency assets rose $1.8bn that week. According to the figures released by the Reserve Bank of India (RBI) in its weekly statistical supplement (WSS), total foreign exchange reserves including gold and SDR went up $952m during the week ended June 30.
While the reserve tranche position in the IMF dipped $9m during the week, value of SDR in reserves, however, remained unchanged. In the banking sector, aggregate deposits mobilised by scheduled commercial banks amounted to Rs 19,94,226 cr as on June 29, up Rs 700 cr over the previous fortnight’s levels. While demand deposits dipped Rs 5,033 cr, time deposits went up Rs 5,734 cr during the fortnight.
Investments by banks in government and other approved securities stood at Rs 7,43,774 cr, down Rs 4,763 cr during the fortnight. While investments in g-secs dipped Rs 4,271 cr, that in other approved securities dropped Rs 105 cr. Loans given by banks amounted to Rs 15,23,168 cr as on June 23, up Rs 12,601 cr over the previous fortnight’s levels. While food credit went up Rs 752 cr, non-food credit was up Rs 11,489 cr during the fortnight.
As per the updated money supply figures, the total stock of money in the system was Rs 27,87,515 cr as on June 23, down Rs 3,941 cr as against the previous fortnight’s figures. While currency with the public and demand deposits dipped Rs 3,821 cr and Rs 5,685 cr respectively, term deposits jumped Rs 5,934 cr. The Centre has not resorted to ways and means advances for yet another week whereas the state governments have again opted for WMA with their outstandings with the RBI at Rs 106 crore.
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