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click here to return to main page of Annual Monetary and Credit Policy 2004-2005

Annual Monetary and Credit Policy for the year 2004-2005

External Developments

1. Global economic recovery has broadened and strengthened faster than expected despite some uncertainties.

2. The exchange rate of the rupee appreciated vis-à-vis US dollar but depreciated against the Euro, Pound sterling and Japanese yen in 2003-04.

3. India’s foreign exchange reserves increased by US $ 37.6 billion during fiscal 2003-04 and are at US $ 118.6 billion by May 7, 2004.

4 India’s exports in US dollar terms increased by 17.1 per cent while imports by 25.3 per cent; the current account expected to register surplus during 2003-04 for the third year in succession.

5. Exchange rate management, as in the past, based on flexibility, without a fixed or pre-announced target, but with ability to intervene.

6. The most distinguishing feature of the external sector during 2003-04 relates to the large capital flows with its inevitable implications for the conduct of domestic monetary policy and exchange rate management.

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