India’s foreign exchange reserves rose by $177.8 million to $293.28 billion in the week ended January 10 on the back of a healthy rise in a key component of the assets, the Reserve Bank of India (RBI) said today.

The total reserves had dipped by $2.59 billion to $293.11 billion in the previous reporting week.

Foreign currency assets (FCAs), which form a major part of the overall reserves, swelled by $190.3 million to $267.14 billion for the week under review, the RBI said.

FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in reserves.

During the week under review, the gold reserves were unchanged $19.72 billion.

The special drawing rights fell by $8.6 million to $4.425 billion, while India’s reserve position with the IMF declined by $3.9 million to $1.993 billion, the apex bank said.

(This article was published on January 17, 2014)
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