India’s forex reserves gain $1.09 billion

Mumbai, May 24 : India’s foreign exchange (forex) reserves rose by $1.09 billion to $314.92 billion for the week ended May 16, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed. The reserves had gained by $1.97 billion to $313.83 billion for the week ended May 9.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $1.26 billion to $287.81 billion in the week under review. The foreign currency assets had jumped by $1.97 billion to $286.54 billion.

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen. However, India’s reserve position with the International Monetary Fund (IMF) decreased by $158.1 million to $1.68 billion.

The value of special drawing rights (SDRs) also fell. The SDRs were down $14.5 million to $4.46 billion. The value of gold reserves remained the same in the period under review at $20.96 billion. The reserves had declined by $601 million at $20.96 billion in week ended May 2.