On 1^st January 1999, which was also the first Friday of the new year, India's total Foreign Exchange Reserves reached the level of US$ 30,012 million. The increase in Foreign Exchange Reserves as compared with end-December 1997 was US$ 2,657 million. According to the weekly Statistical supplement of the Reserve Bank of India, to be released tomorrow, the increase in reserves on 1^st January over the previous week was US$ 45 million, after allowing for a reduction of US$ 102 million in SDR holdings on account of IMF repayments and revaluations of gold.

Foreign Currency Assets on 1^st January increased by US$ 147 million over the previous week and by US$ 3,025 million over the end-December 1997 figures. Total Foreign Currency Assets on 1^st January 1999 were US$ 26,990 million.