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Rediff.com  » Business » India forex reserves surge to $277.73 billion

India forex reserves surge to $277.73 billion

October 11, 2013 20:44 IST

India's foreign exchange reserves surged $1.46 billion to $277.73 billion in the week ended October 4 on the back of a healthy growth in the key currency assets, the Reserve Bank said on Friday.

The reserves had dipped by $1.12 billion to $276.26 billion in the previous reporting week.

The core foreign currency assets (FCAs), which form the largest chunk of the reserves, zoomed $1.4 billion to $249.33 billion for the week under review, the RBI said.

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

After remaining unchanged for five weeks, gold reserves increased $41.3 million to $21.76 billion, according to the RBI data.

The special drawing rights rose by $14.7 million to $4.439 billion, while India's reserve position in the IMF shot up by $7.2 million to $2.197 billion, the data showed.

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