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India's forex reserves gain USD 1.09 bn

Posted on May 24 2014 | IANS

Mumbai, May 24 : India's foreign exchange (forex) reserves rose by USD 1.09 billion to USD 314.92 billion for the week ended May 16, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed.

The reserves had gained by USD 1.97 billion to USD 313.83 billion for the week ended May 9.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by USD 1.26 billion to USD 287.81 billion in the week under review.

The foreign currency assets had jumped by USD 1.97 billion to USD 286.54 billion.

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 158.1 million to USD 1.68 billion.

The value of special drawing rights (SDRs) also fell. The SDRs were down USD 14.5 million to USD 4.46 billion.

The value of gold reserves remained the same in the period under review at USD 20.96 billion. The reserves had declined by USD 601 million at USD 20.96 billion in week ended May 2.

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