Mumbai, June 26:
India’s foreign exchange (forex) reserves rose by USD 59 million to USD 310.56 billion for the week ended June 17 due to increase in the value of foreign currency assets even as the value of special drawing rights (SDRs) and reserves with the International Monetary Fund declined.
The forex reserves have risen for the fourth time in the past five reporting weeks. The country’s foreign exchange reserves kitty had dropped by $2.40 billion for the week ended June 10 after registering a gain of $5.41 billion in the previous three weeks.
Foreign currency assets, the biggest component of the forex reserves kitty, rose by $99 million to $278.61 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 reserve.
However, the value of special drawing rights (SDRs) fell by $24 million to $4.59 billion and reserves with the International Monetary Fund declined by $16 million to $2.96 billion.
The value of gold reserves remained unchanged at $24.39 billion.