India's forex reserves cross $297 billion as of end-December
08 Jan 2011
India'a foreign exchange reserves rose by $2.303 billion to $297.334 billion as of 31 December, from $295.031 billion in the previous week, Reserve Bank data released on Friday showed.
These include RBI's holdings of foreign currency, SDRs and gold as also India's reserve position with the IMF.
Foreign currency assets with the RBI rose by $1.909 billion while the value of gold holdings of the central bank rose $346 million to $22.470 billion. Reserves of Special Drawing Rights (SDR), the IMF currency, were up $35 million at $5.078 billion.
India's reserve position with the IMF was also up $13 million at $1.972 billion, data provided in RBI's weekly supplement showed.
Foreign currency assets exclude $250 million invested in foreign currency denominated bonds issued by IIFC (UK), RBI said.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves like the euro, sterling and yen.
The reserve position in the International Monetary Fund (IMF), ie, reserve tranche position (RTP), which was shown as a memo item from 23 May 2003 to 26 March 2004, has been included in the reserves from the week ended 2 April 2004 in keeping with the international best practice, RBI said.
SDR includes SDR 3.083 billion (equivalent to $.883 billion) allocated under general allocation and SDR214.6 (equivalent to $340 million) allocated under special allocation by IMF on 28 August 2009 and 9 September.
Gold holdings include $6.699 billion reflecting the purchase of 200 metric tonnes of gold from IMF on 3 November 2009, the Reserve Bank added.
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