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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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