India's forex reserves rise to $293.44 billion

Feb 25, 2012 |

IANS

mumbai

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India's foreign exchange reserves increased by $55.8 million to $293.44 billion for the week ended Feb 17 due to increase in foreign currency assets, Reserve Bank of India (RBI) data showed.

Foreign currency assets, the biggest component of the forex reserves kitty, rose by $87.5 million to $259.53 billion during the week under review, according to the Reserve Bank of India's weekly statistical supplement.

The RBI did not provide any reasons for the change in foreign currency assets.

It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

However, the value of special drawing rights (SDRs) fell by $19.3 million to $4.45 billion, and India's reserves with the International Monetary Fund (IMF) declined by $12.4 million to $2.72 billion.

The value of gold reserves remained unchanged at $26.72 billion.

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