India’s forex reserves rise by $2 bn in RBI’s weekly review

India's foreign exchange reserves rose by a robust $2.03 billion to $277.38 billion in the week ended 20 September on a healthy increase in core currency assets, the Reserve Bank of India reported on Friday.

The reserves had increased by $544.7 million to $275.35 billion in the previous reporting week.

Foreign currency assets (FCAs), a major component of the reserves, shot up by $1.97 billion to $249.22 billion for the week under review, the central bank said in its weekly statement.

FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies - such as the euro, pound and yen - held in the reserves.

Gold reserves remained unchanged at $21.724 billion for a third week in a row, RBI noted. The gold reserves were unchanged in the previous reporting week as well.

India's special drawing rights (SDRs) with the International Monetary Fund increased $38.3 million to $4.42 billion, while India's reserve position with the IMF rose $17.4 million to $2.01 billion, the RBI data showed.