Money & Banking

Forex reserves rise $1.8 b to $302.59 b

Mumbai | Updated on March 11, 2011 Published on March 11, 2011

The country's foreign exchange reserves have gone up by $1.807 billion to $302.593 billion for the week ended March 4, according to the Weekly Statistical Bulletin released by the Reserve Bank of India.

The reserves have gone up for the third consecutive week. In the earlier week ended February 25, forex reserves increased by $158 million to $300.786 billion.

In the week under consideration, foreign currency assets increased by $1.548 billion to $272.964 billion. The increase in reserves is mainly on account of currency revaluation. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, sterling and yen, held in reserves.

The euro had gained against the dollar leading to reserves denominated in euro being re-valued at higher levels. The euro moved up from $1.384 at the beginning of the week to $1.388 on March 4.

The country's reserve position at the IMF also increased by $12 million to $2.282 billion. Gold reserves also increased by $219 million to $22.143 billion, while SDRs went up $28 million to $5.204 billion.

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Published on March 11, 2011
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