Forex reserves surge $1.8 to $302.59 billion
12 Mar 2011
India's foreign exchange reserves surged $1.8 billion to $302.59 billion, driven by a healthy increase in foreign currency assets, Reserve Bank of India data showed.
The reserves which stood at $300.78-billion the week before, moved up by $158-million.
Foreign currency assets, the biggest component of the foreign reserves, went up by $1.548 billion during the week ended 4 March, RBI in its weekly data released on Friday evening.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen, held in reserve, the central bank said.
India's gold reserves also shot up by $219 million to $22.14 billion during the week, data showed. Both the Special Drawing Rights and reserve position with the International Monetary Fund were up marginally during the week.
SDRs were at $5.20-billion, up $28 million while India's reserve position in IMF moved up $12 million to $2.28-billion.