ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Other Side of the Story THE government and the Reserve Bank have reason to be pleased at the rise in the country's foreign currency reserves which have now touched $ 10.2 billion. The rise in foreign currency assets in 1993-94 so far has been of the order of $ 3.77 billion of which a little over $ I billion is attributable to portfolio investment by foreign institutional investors (FIIs), another $ 1 billion to borrowing abroad by Indian companies through global depository receipts and $ 0,5 billion to foreign direct investment (FDI) flows. While there may have been some inflow under exceptional financing, the bulk of the balance of about $ 1.27 billion is to be explained by current account transactions.

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