India’s forex reserves rise by $858 million
October 29th, 2011 - 4:57 pm ICT by IANSMumbai, Oct 29 (IANS) India’s foreign exchange reserves rose by $858 million to $318.36 billion for the week ended Oct 21, rising sharply for the third straight week, on the back of huge gain in the value of foreign currency assets, official data showed.
The forex reserves had surged by $5.27 billion in previous week. The forex reserves kitty has registered a gain of $6.87 billion in the last three weeks under review.
Foreign currency assets, the biggest component of the forex reserves kitty, rose by $861 million to $282.51 billion during the week ended Oct 21, according to the weekly statistical supplement of the Reserve Bank of India (RBI).
The foreign currency assets had shot up by $5.19 billion in the week before that.
The RBI does not provide any reason for the change in the foreign currency assets. It says the 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 the reserves.
Analysts said one of the major reasons behind the sharp increase in the value of foreign currency assets in the recent weeks was the strengthening of euro against the US dollar.
However, India’s reserves with the International Monetary Fund (IMF) declined by $1 million to $2.63 billion and the value of special drawing rights (SDRs) dropped by $2 million to $4.54 billion during the week under review.
The value of gold reserves remained unchanged at $28.66 billion.
- India's forex reserves rise by $749 mn - Oct 16, 2011
- India's forex reserves surge by $5.27 billion - Oct 23, 2011
- India's forex reserves drop by $1.22 billion - Oct 08, 2011
- India's forex reserves soar $2.69 bn; up $5.41 bn in three weeks - Jun 11, 2011
- India's forex reserves rise by $59 million - Jun 26, 2011
- India's forex reserves rise by $1.68 billion - Jun 04, 2011
- India's forex reserves rise by $1.46 billion - Apr 28, 2012
- India's forex reserves rise by $758.3 million - May 05, 2012
- India's forex reserves slump by $5.72 billion - Nov 13, 2011
- India's forex reserves rise by $213.8 million - Apr 21, 2012
- India's forex reserves rise by $731.8 million - Jan 28, 2012
- India's forex reserves drop by $1.86 billion - Aug 13, 2011
- India's forex reserves fall by $24 million - Apr 02, 2011
- India's forex reserves fall by $112 million - Jul 23, 2011
- India's forex reserves slump by $4.05 billion - Oct 01, 2011
Tags: 1 million, bank of india, currencies, currency assets, depreciation, dollar terms, foreign currency, foreign exchange reserves, forex reserves, gold reserves, international monetary fund, international monetary fund imf, kitty, pound sterling, rbi, reserve bank of india, special drawing rights, statistical supplement, value of gold, yen