The Hindu Business Line : Forex reserves rise to $312.7 b

Mumbai, May 16 The country’s foreign exchange reserves rose by $200 million to $312.7 billion for the week ended May 9, according to the RBI’s Weekly Statistical Supplement.

In the previous week, the reserves had fallen by $371 million to $312.5 billion.

During the week under review, foreign currency assets increased by $200 million to $302.776 billion, primarily due to a currency revaluation effect.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling, yen) held in reserves. The euro and the yen were weak against the dollar, during the week in question.

Gold and SDRs remained unchanged at $9.427 billion and $18 million, respectively. The country’s reserve position in the IMF stood at $479 million.

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