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India's forex reserves rise to USD 298.63 bn

Posted on Mar 29 2014 | IANS

Mumbai, March 29 : India's foreign exchange (forex) reserves rose by USD 1.34 billion to USD 298.63 billion for the week ended March 21, Reserve Bank of India (RBI) data showed.

This is the fourth consecutive week of increase in the country's forex reserves as overseas investors poured in money in local bonds and stock markets.

The forex reserves had jumped by USD 1.83 billion for the week ended March 14.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose by USD 1.58 billion to USD 271.39 billion.

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) fell by USD 16.9 million to USD 4.46 billion during the week under review.

India's reserve position with the International Monetary Fund (IMF) dropped by USD 214.7 million to USD 1.80 billion.

The value of gold reserves remained unchanged at USD 20.97 billion.

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