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Our Bureau

Mumbai, Aug. 31 After two weeks of consecutive fall in reserves, the forex kitty went up by $2.404 billion to $228.849 billion for the week ended August 24. Market participants attributed it to the revaluation of currency assets particularly that of euro and sterling.

The reserves had fallen by $2.551 billion to $226.445 billion for the week ended August 17, said the RBI’s Weekly Statistical Supplement.

The foreign currency assets went up by $2.402 billion to $221.505 billion. Foreign currency assets, as expressed in dollars, include the effect of appreciation or depreciation in non-US currencies (euro, sterling and yen) held in reserves.

The reserves in gold and SDRs remained unchanged at $6.887 billion and $2 million respectively. The reserve position in the IMF went up by $2 million to $455 million.

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