Forex reserves go up to $289.15 bn | SupportBiz

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Forex reserves go up to $289.15 bn

 
India's foreign exchange (forex) reserves grew by USD502.2 million to USD289.15 billion for the week ended August 3, 2012, the Reserve Bank of India's (RBI) data showed. The forex had increased by USD1.31 billion to USD288.64 billion for the week ended July 27, 2012. The forex had earlier risen by USD589 million to USD287.34 billion for the week ended July 20, 2012. However, the country's forex reserves had declined by USD872.7 million in the week ended July 13, 2012.

Foreign currency assets, the biggest component of the forex reserves kitty, increased by USD560.7 million to USD256.95 billion in the week under review, according to the weekly statistical supplement released by the RBI.

Foreign currency assets had gained by USD1.29 billion to USD256.39 billion for the week ended July 27, 2012.

The RBI in a statement said that foreign currency assets in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

However, there was a decline in the value of gold reserves, special drawing rights (SDRs) and reserves with the International Monetary Fund (IMF) in the week under review.

The value of gold reserves went down by USD45.5 million to USD25.71 billion.

The SDRs declined by USD8.7 million to USD4.34 billion during the week ended August 3, while India's reserves with the IMF dwindled by USD4.3 million to USD2.13 billion.