India’s forex reserves up $2.95 bn

Mumbai, Feb 20:

India’s foreign exchange reserves increased by $2.95 billion to $333.16 billion for the week ended Feb 13, Reserve Bank of India (RBI) data showed Friday.

The reserves had increased by $2.32 billion to $330.21 billion in the previous week (Feb 6).

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose $2.29 billion at $307.25 billion in the week under review.

The foreign currency assets had risen by $1.63 billion at $304.95 billion in the previous week (Feb 6).

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

India’s reserve position with the International Monetary Fund (IMF) in the week ended Feb 13 increased by $661.9 million and stood at $1.63 billion.

However, the value of special drawing rights (SDRs) was lower by $5.1 million in the week under review at $4.08 billion.

Gold reserves for the week ended Feb 13 was static at $20.18 billion. The reserves had increased by $805.3 million at $20.18 billion in the week ended Feb 6. IANS