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Our Bureau

Mumbai, Jan. 9 The country’s foreign exchange reserves increased by $627 million to touch $255.240 billion for the week ended January 2. The reserves have registered an increase for the fourth consecutive work.

For the week ended December 26, the reserves had increased by $561 million to touch $254.613 billion.

Most of the increase in the reserves is due to an increase in the gold reserves. Gold reserves increased by $624 million to touch $8.845 billion.

The increase in the value of the gold reserves is on account of an increase in the gold prices for the week under consideration. Gold prices increased by 4 per cent for the week ending January 2. The prices increased from $850.70 an ounce on December 27, 2008 to $884 an ounce on January 2, 2009.

According to the figures released by RBI in its Weekly Statistical Supplement, foreign currency assets increased by $5 million to $245.875 billion. The marginal increase in the assets is on account of revaluation of the reserves, with the dollar weakening against other currencies in the overseas markets, said a dealer with a private bank.

The SDRs remained unchanged $3 million while the reserve position in the IMF decreased by $2 million to $877 million.

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