Business & Economy

India's forex reserves rise by $ 920.6 million to $ 355.354 billion

NetIndian News Network

Mumbai, August 28, 2015

India's foreign exchange reserves rose for the second consecutive week, going up by $ 920.6 million to $ 355.354 billion in the week ended August 21, the Reserve Bank of India (RBI) said here today.
The country's forex reserves had risen by $ 1.086 billion to $ 354.433 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 gone up by $ 894.3 million to $ 331.731 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 remained unchanged at $ 18.25 billion while its special drawing rights (SDR) went up by $ 19.9 million to $ 4.075 billion.
India's reserve position in the Indian Monetary Fund (IMF) increased by $ 6.4 million to $ 1.2977 billion, the bulletin added.