India's forex reserves up USD 1.30 bn

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SME Times News Bureau | 18 Oct, 2014
After five consecutive weeks of falls, India's foreign exchange reserves grew by USD 1.30 billion to USD 312.73 billion for the week ended Oct 10, Reserve Bank of India (RBI) data showed.

The reserves had fallen by USD 2.75 billion to USD 311.42 billion for the week ended Oct 3. It had slipped by USD 1.41 billion to USD 314.18 billion for the week ended Sep 26. Again the reserves went into decreasing trend falling by USD 101.3 million to USD 315.59 billion for the week ended Sep 19.

The exchange reserves declined by USD 1.61 billion to USD 315.69 billion for the week ended Sep 12 and for week ended Sep 5 the reserves lunged by USD 1.32 billion to USD 317.31 billion.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose by USD 1.29 billion at USD 286.88 billion in the week under review.

The foreign currency assets had plunged by USD 1.80 billion at USD 285.58 billion in the previous week.

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

India's reserve position with the International Monetary Fund (IMF) gained USD 3.3 million to USD 1.54 billion.

The value of special drawing rights (SDRs) was up by USD 9.3 million at USD 4.29 billion.

The value of gold reserves was static in the week under review at USD 20.01 billion. The bullion had declined by USD 919.7 million at USD 20.01 billion for the week ended Oct 3.