Mumbai: Following a rise in foreign exchange of over $1 billion in the previous week, India’s foreign exchange reserves crossed a record high level of $70 billion in the week ended 27 December 2002.

Fresh inflows, export remittances and revaluation of the euro vis-à-vis the US dollar led to a rise of $783 million at $70,291 in the country’s foreign exchange reserves for the period under review.

In the 52 weeks period ended 27 December 2002, the total reserves grew by $22.24 billion. According to the Reserve Bank of India’s weekly statistical supplement, the foreign currency assets reached $66,981 million - up by $783 million.

In the previous week ended 20 December 2002, the foreign exchange reserves of the country rose sharply by $1,073 million to reach $69,508 million. They had increased by $896 million, $828 million, $817 million and $755 million during the week ended 28 June, 6 December, 19 July and 8 November 2002, respectively.

Gold and special drawing rights remained unchanged at $3,303 million and $ 7 million, respectively.