Mumbai: India’s foreign exchange reserves grew by $2.71bn to $320.56bn due to a sharp rise in currency assets for the week ended July 25, Reserve Bank of India (RBI) data shows.
The reserves had increased by $163m to $317.84bn for the week ended July 19, 2014.
According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, also gained $163m to reach $291.05bn for the week under review.
The RBI said that 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.
However, India’s reserve position with the International Monetary Fund (IMF) declined by $5.3m to $1.70bn.
The value of special drawing rights fell by $13.6m to $4.43bn.
The value of gold reserves remained unchanged at $20.63 bn.
IANS
