India’s Foreign Exchange Reserves up $5.84 bn

India’s foreign exchange reserves increased by $5.84 billion to $327.88 billion for the week ended Jan 30, Reserve Bank of India (RBI) data showed. The reserves had declined by $97.9 million to $322.03 billion in the previous week (Jan 23). According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex exchange reserves, rose $5.81 billion at $303.32 billion in the week under review.

The foreign currency assets had fallen by $19.7 million at $297.51 billion in the previous week (Jan 23). 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.

India’s reserve position with the International Monetary Fund (IMF) in the week ended Jan 30 increased by $6.8 million and stood at $1.10 billion. The value of special drawing rights (SDRs) was higher by $24.6 million in the week under review at $4.07 billion. Gold reserves for the week ended Jan 30 was static at $19.37 billion. The foreign exchange reserves had grown by $392 million at $19.37 billion in the week ended Jan 9. (IANS)