Business & Economy

India's forex reserves rise by $ 253.6 million to $ 365.749 billion

NetIndian News Network

Mumbai, August 12, 2016

Rising for the second consecutive week, India's foreign exchange reserves went up by $ 253.6 million to $ 365.749 bilion in the week ended August 5, the Reserve Bank of India (RBI) said here today.
The country's forex reserves had soared by $ 2.808 billion to $ 365.496 billion in the previous week.
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had, however, decreased by $ 765.4 million to $ 340.278 billion during the week.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
According to the bulletin, the country’s gold reserves increased by $ 1.008 billion to $ 21.584 billion while its special drawing rights (SDR) rose by$ 4.1 million to $ 1.489 billion.
India's reserve position in the International Monetary Fund (IMF) increased by $ 6.7 million to $ 2.397 billion, the bulletin added.