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The country's foreign exchange reserves have gone up by $2.004 billion to $305.486 billion for the week ended April 1, according to the Weekly Statistical Bulletin released by the Reserve Bank of India.
The reserves have risen in the week, after dropping by a modest $24 million to $303.482 billion in the earlier week ending March 25.
Currency revaluation
In the week under consideration, foreign currency assets increased by $1.321 billion to $275.019 billion. The growth in reserves is largely 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 strengthened against the dollar leading to reserves denominated in euro being re-valued at higher levels. The euro moved up from $1.404 at the beginning of the week to $1.422 on April 1.
In the period, the country's reserve position at the International Monetary Fund increased by $530 million to $2.939 billion. Meanwhile, SDRs posted a $676 million decline to $4.556 billion, while gold reserves were up by $829 million to $22.972 billion.
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