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click here to return to main page of Mid-term Review 2003-04
Mid-term Review of
Monetary and Credit Policy for the year 2003-04
External Developments
Orderly conditions witnessed in the forex market.
Rupee appreciated against US dollar but depreciated against Euro, Pound sterling and Japanese yen.
Foreign Exchange reserves up by US $ 17.2 billion since end-March to US $ 92.6 billion by end-October 2003, and are at comfortable level.
Exchange rate management, as in the past, based on flexibility, without a fixed or pre-announced target, but with ability to intervene.
RIBs of US $ 5.5 billion redeemed without any adverse impact on financial market and reserves.
In the first half, in US dollar terms, exports are up by 10 per cent and import growth is high at 21.4 per cent reflecting a pick up in economic activity, as evident from higher capital goods imports.
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