India's forex reserves up USD 1.97 bn
Posted on May 18 2014 | IANS
Mumbai, May 18 : India's foreign exchange (forex) reserves rose by USD 1.97 billion to USD 313.83 billion for the week ended May 9, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed.
The reserves gained USD 1.94 billion to USD 311.85 billion for the week ended May 2.
According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by USD 1.97 billion to USD 286.54 billion in the week under review.
The foreign currency assets rose by USD 2.54 billion to USD 284.57 billion in the week under review.
The RBI said 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) decreased by USD 1.7 million to USD 1.83 billion.
The value of special drawing rights (SDRs) also fell. The SDRs wre down USD 3.6 million to USD 4.47 billion.
The value of gold reserves remained the same in the period under review at USD 20.96 billion. The reserves declined by USD 601 million at USD 20.96 billion in week ended May 2.