Mumbai: India's foreign exchange reserves continued to rise with inflows of $ 464 million to reach record levels of $ 109.59 billion for the week ended March 12.

Following fresh inflows and revaluation of the US currency vis-a-vis other currencies, the foreign exchange reserves grew from $ 1,09,132 to $ 1,09,596 million, according to the Reserve Bank of India's weekly statistical bulletin released today (Mar 20, 2004).

The foreign currency assets rose by $ 464 million to touch $ 1,05,404 million, it said.

RBI Deputy Governor K J Udeshi, had yesterday (Mar 19, 2004) said Forex reserves had grown substantially but were not plenty as yet.

The reporting week also saw the mega offer for sale of Oil and Natural Gas Corporation, which received 6.44 times bids over the issue size with a major participation coming from domestic and foreign institutional investors.

Gold reserves and special drawing rights remained static at $ 4,190 million and $ two million respectively.

India's Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) declined by $ one million to $ 1,296 million, the central bank said adding, the RTP may change from time to time due to India's transactions with the IMF as well as changes in SDR exchange rates vis-à-vis rupee and the dollar.

The loans and advances to Central Government continued with a nil balance while that to State Governments were down by Rs 2,109 crore at Rs 1,712 crore, RBI added.