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India's forex reserves up USD 614 mn

Posted on Jul 12 2014 | IANS

Mumbai, July 12 : India's foreign exchange reserves rose by USD 614.6 million to USD 316.39 billion for the week ended July 4, Reserve Bank of India (RBI) data showed.

The reserves had increased by USD 856.6 million to USD 315.77 billion for the week ended June 27, led by a sharp jump in overseas currency assets.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by USD 760.6 million to USD 286.57 billion.

The foreign currency assets had grown by USD 850.9 million to USD 288.81 billion for the week ended June 27.

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) grew by USD 2.6 million to USD 1.71 billion.

The value of special drawing rights (SDRs) rose by USD 4.46 million to USD 6.9 billion.

However, the value of gold reserves declined by 155.5 million at USD 20.63 billion.

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