India's foreign reserves up USD 2.71 bn
India's foreign exchange reserves zoomed by USD 2.71 billion to USD 320.56 billion due to a sharp rise in the currency assets for the week ended July 25, Reserve Bank of India (RBI) data showed.
The reserves had increased by $163 million to $317.84 billion for the week ended July 19, 2014.
According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, also gained by $163 million to $291.05 billion for the week under review.
The foreign currency assets had increased gained $2.73 billion to $293.78 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.
However, India's reserve position with the International Monetary Fund (IMF) declined by $5.3 million to $1.70 billion.
The value of special drawing rights (SDRs) too fell. SDR were down $13.6 million to $4.43 billion.
The value of gold reserves remained unchanged at $20.63 billion. The gold reserves had declined by $155.5 million in value at $20.63 billion in the week ended July 4.
(Posted on 02-08-2014)
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