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India's forex reserves up USD 177 mn

Posted on Jan 18 2014 | IANS

Mumbai, Jan 18 : India's foreign exchange (forex) reserves increased by USD 177.8 million to USD 293.28 billion for the week ended Jan 10, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had declined by USD 2.59 billion to USD 293.10 billion for the week ended Jan 3 2013.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, grew by USD 190.3 million to USD 267.14 billion.

The foreign currency assets had fell by USD 1.68 billion to USD 266.95 billion in the previous week.

RBI said that 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.

The value of special drawing rights (SDRs) decreased by USD 8.6 million to USD 4.42 billion during the week under review. India's reserve position with the International Monetary Fund (IMF) was down by USD 3.9 million to USD 1.99 billion.

The value of India's gold reserves remained stagnant at USD 19.72 billion.

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