India’s forex reserves soar $2.69 bn; up $5.41 bn in three weeksJune 11th, 2011 - 3:11 pm ICT by IANS
Mumbai, June 11 (IANS) India’s foreign exchange (forex) reserves soared by $2.69 billion to $312.90 billion for the week ended June 3 on the back of a sharp increase in the value of gold reserves and foreign currency assets.
This is the third consecutive week that the country’s forex reserves kitty has seen a jump. The country’s foreign exchange reserves have increased by a whopping $5.41 billing in the last three reporting weeks.
The forex reserves had registered a gain of $1.68 billion and $1.04 billion, respectively, in the previous two weeks.
The foreign currency assets, the biggest component of the forex reserves kitty, increased by $2.03 billion to $280.91 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI).
The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as British pound sterling, euro and Japanese yen held in reserves.
After remaining unchanged during the last several weeks, the value of gold reserves soared by $601 million to $24.39 billion.
All the components of the foreign exchange reserve kitty registered a gain. The value of special drawing rights (SDRs) increased by $32 million to $4.62 billion and reserves with the International Monetary Fund rose by $21 million to $2.98 billion.
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Tags: bank of india, bn, british pound sterling, currencies, currency assets, depreciation, dollar terms, exchange reserve, foreign currency, foreign exchange reserves, forex reserves, gold reserves, international monetary fund, japanese yen, june 3, kitty, rbi, reserve bank of india, special drawing rights, statistical supplement