India's forex reserves up to $283.52 billion on gold revaluation

India's foreign exchange reserves increased by $22 million to $283.52 billion during the week ended 1January, mainly on account of the revaluation of gold.

According to data released by the Reserve Bank of India (RBI) foreign currency assets fell $85 million to $258.63 billion. Gold reserves went increased by $110 million to $18.29 billion, even as special drawing rights shrank $3 million to $5.17 billion.

The country's foreign exchange reserves rose $22 million to $283.5 billion in the week ended 1 January 2009, the Reserve Bank of India (RBI) said in its weekly statistical supplement, released on Friday.

The central bank said that in the past year total reserves vaulted $28.3 billion. Assets include overseas currencies, gold and special drawing rights with the IMF.

The liquidity in the money markets was comfortable and the overnight rates were steady with the overnight call rate ranging between 3.20-3.40 per cent.

The amount absorbed under LAF reverse repo operations was around Rs87,130 crore. The g-sec market improved on value buying and amidst the auction cut-offs was in line with expectations. The 10-year benchmark paper, 6.90 per cent bond maturing 2019 closed at 7.76 per cent as against 7.79 per cent on Thursday. The rupee fell from 15-month highs on Friday as with a stronger dollar and choppy equities raising concerns about foreign investors continuing the pace of portfolio investments this year.