India's forex reserves grow to USD287.34 billion | SupportBiz

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India's forex reserves grow to USD287.34 billion

India's foreign exchange (forex) reserves grew by USD589 million to USD287.34 billion for the week ended July 20, central bank data showed. Foreign currency assets, the biggest component of the forex reserves kitty, increased by USD565.5 million to USD255.10 billion for the week under review, according to the weekly statistical supplement released by the Reserve Bank of India (RBI).

The RBI did not provide any reasons for the growth. It said that the assets in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

The country's forex reserves had declined by USD872.7 million in the previous week under review.

The value of special drawing rights (SDRs) grew by USD15.8 million to USD4.34 billion during the week ended July 20, while India's reserves with the International Monetary Fund (IMF) rose by USD7.7 million to USD2.13 billion.

However, the value of gold reserves remained unchanged at USD25.76 billion.