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The country's foreign exchange reserves increased by $2.032 billion to $320.390 billion for the week ended October 28, 3011, according to the Reserve Bank of India's Weekly Statistical Supplement.
This is the third week in a row that forex reserves have increased. In the previous week, forex reserves increased by $858 million to $318.358 billion.
The rise in reserves is mainly on account of a rise in the foreign currency assets, which increased to $1.931 billion to $284.445 billion.
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.
During the week the euro appreciated from 1.383 to 1.416 against the US dollar.
Gold reserves were unchanged at $28.667 billion.
SDRs increased by $64 million to $4.606 billion and the reserve position in the IMF increased by $37 million to $2.672 billion.
In the domestic currency market, the rupee strengthened against the dollar on expectations of more dollar inflows into emerging markets after the European Central Bank cut interest rates. The rupee is expected to strengthen next week, said dealers.
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