India's foreign reserves up USD 2.71 bn
Posted on Aug 02 2014 | IANS
Mumbai, Aug 2 : 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 USD 163 million to USD 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 USD 163 million to USD 291.05 billion for the week under review.
The foreign currency assets had increased gained USD 2.73 billion to USD 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 USD 5.3 million to USD 1.70 billion.
The value of special drawing rights (SDRs) too fell. SDR were down USD 13.6 million to USD 4.43 billion.
The value of gold reserves remained unchanged at USD 20.63 billion. The gold reserves had declined by USD 155.5 million in value at USD 20.63 billion in the week ended July 4.