The country’s forex reserves increased by $39.6 million to $296.578 billion on the back of rise in currency assets during the week ended December 28, the Reserve Bank of India (RBI) said today.

The total reserves had slipped by $92.8 million to $296.539 billion in the previous reporting week.

Foreign currency assets, a major component of the forex reserves, were up by $63.9 million to $262.01 billion for the week ended December 28, the RBI said in its weekly statistical supplement.

Foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

The gold reserves remained unchanged at $27.80 billion during the week, it said.

For the week under review, the special drawing rights (SDRs) were down by $15.9 million to $4.436 billion, while the country’s reserve position with the IMF slipped by $8.4 million to $2.325 billion, the apex bank data showed.

(This article was published on January 4, 2013)
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