India's forex reserves up $59 million to $310.56bn
27 Jun 2011
Mumbai: India's foreign exchange (forex) reserves rose by $59 million to $310.56 billion for the week ended 17 June, its fourth rise in the past five reporting weeks. The marginal increase was the result of an increase in the value of foreign currency assets, even as the value of the special drawing rights (SDRs) and reserves with the International Monetary Fund declined.
The country's foreign exchange reserves registered a sharp dip of $2.40 billion for the week ended June 10, after registering gains of $5.41 billion in the previous three weeks.
Foreign currency assets, which are the biggest component of India's forex reserves, were up $99 million, to $278.61 billion, in the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI).
The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as British pound sterling, euro and Japanese yen held in reserve.
The value of the special drawing rights (SDRs) declined $24 million, to $4.59 billion, and reserves with the International Monetary Fund declined $16 million, to $2.96 billion.
