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India's forex reserves up USD 1.94 bn

Posted on May 10 2014 | IANS

Mumbai, May 10 : India's foreign exchange (forex) reserves rose by USD 1.94 billion to USD 311.85 billion for the week ended May 2, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed.

The reserves had gained USD 499.8 million to reach USD 309.91 billion for the week ended April 25.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by USD 2.54 billion to USD 284.57 billion in the week under review.

The foreign currency assets had risen by USD 493.2 million to USD 282.03 billion in the previous week.

The 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.

India's reserve position with the International Monetary Fund (IMF) increased by USD 1.2 million to USD 1.84 billion.

The value of special drawing rights (SDRs) rose by USD 3.00 million to USD 4.48 billion.

However, the value of gold reserves declined by USD 601 million at USD 20.96 billion.

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