India’s forex reserves jump $2.29 bn

July 30th, 2011 - 3:12 pm ICT by IANS  

Mumbai, July 30 (IANS) India’s foreign exchange (forex) reserves jumped by $2.29 billion to $316.80 billion for the week ended July 22, against $314.50 billion in the previous week, on the back of a sharp increase in foreign currency assets, official data showed Saturday.

The forex reserves have risen after declining in the previous two weeks. The foreign exchange kitty had declined by $112 million during the week ending July 15.

After declined sharply during the previous two weeks, foreign currency assets, the biggest component of the forex reserves kitty, rose by $2.22 billion to $284.52 billion during the week ended July 22, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

The foreign currency assets had declined by $115 million in the previous week.

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.

The value of special drawing rights (SDRs) increased by $41 million to $4.62 billion and reserves with the International Monetary Fund rose by $26 million to $2.98 billion.

The value of gold reserves remained unchanged at $24.66 billion.

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