India’s forex reserves up $157 mn

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Mumbai, Feb 1 (IANS) India’s foreign exchange (forex) reserves increased by $157.3 million to $292.23 billion for the week ended Jan 24, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had decreased by $1.20 billion to $292.08 billion for the week ended Jan 17

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, grew by $117.3 million to $266.05 billion.The foreign currency assets had fallen by $1.20 billion to $265.93 billion in the previous week.

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

The value of special drawing rights (SDRs) increased by $27.6 million to $4.45 billion during the week under review. India’s reserve position with the International Monetary Fund (IMF) grew by $12.4 million to $2.00 billion.

The value of India’s gold reserves remained stagnant at $19.72 billion.

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