Forex reserves rise by $2.69 billion

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SME Times News Bureau | 30 Nov, 2013
Country's foreign exchange (forex) reserves rose by USD 2.69 billion to USD 286.26 billion for the week ended Nov 22, helped by a sharp increase in foreign currency assets, Reserve Bank of India (RBI) data showed.

Forex reserves had increased by USD 1.45 billion to USD 283.57 billion for the week ended Nov 15.

Foreign currency assets, the biggest component of the forex reserves, rose by USD 2.76 billion to USD 258.66 billion during the week under review, according to the RBI's weekly statistical supplement.

The FCA had increased by USD 1.46 billion to USD 255.90 billion during the week ended Nov 15.

According to the RBI, the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

However, India's reserve position with the International Monetary Fund (IMF) fell by USD 78.4 million to USD 1.95 billion, while the value of the special drawing rights (SDRs) rose by USD 9.1 million to USD 4.42 billion.

The reserves with IMF had fallen by USD 2.00 million to USD 2.02 billion in the week ended Nov 15, and the value of the SDRs dropped by USD 3.9 million to USD 4.41 billion.

The value of India's gold reserves remained unchanged at USD 21.22 billion during the week under review.