India's forex reserves rise to $294.3 bn

The country's foreign exchange reserves rose by $954.6 million to $294.36 billion on account of gains in the value of gold reserves, the Reserve Bank said.

In the previous reporting week, the reserves had dipped by $383.7 million to $293.41 billion.

After remaining unchanged for multiple weeks, the gold reserves surged by $902.3 million to $20.978 billion for the week neded February 28, the Reserve Bank said on Friday.

Foreign currency assets (FCAs), a major part of the overall reserves, increased by $33.6 million to $266.90 billion for the week ended February 28, RBI said.

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

The special drawing rights also rose by $13 million to $4.468 billion, while the country's reserve position with the IMF increased by a $5.7 million to $2.011 billion, the apex bank said.