India’s forex reserves up $3.88 bn

Mumbai, March 7:

India’s foreign exchange reserves increased by $3.88 billion to $338.07 billion for the week ended Feb 27, Reserve Bank of India (RBI) data showed.

The reserves had increased by $1.02 billion to $334.19 billion in the previous week (Feb 20).

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose $3.90 billion at $312.20 billion in the week under review.

The foreign currency assets had risen by $1.04 billion at $308.29 billion in the previous week (Feb 20).

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.

However, India’s reserve position with the International Monetary Fund (IMF) in the week ended Feb 27 decreased by $4.6 million and stood at $1.63 billion.

The value of special drawing rights (SDRs) was lower by $11.4 million in the week under review at $4.06 billion.

Gold reserves for the week ended Feb 27 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