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Rediff News  All News  » Business » India's forex reserves jump to $277 billion

India's forex reserves jump to $277 billion

September 28, 2013 08:12 IST

India's exchange reserves rose by a robust $2.03 billion to $277.38 billion in the week ended September 20 on a healthy increase in the core currency assets, Reserve Bank said on Friday.

The reserves had increased by $544.7 million to $275.35 billion in the previous reporting week.

Foreign currency assets (FCAs), a major component of the reserves, shot up by $1.97 billion to $249.22 billion for the week under review, the apex bank said in its weekly statement.

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.

The gold reserves remained unchanged at $21.724 billion for the third week in a row, the central bank said. The gold reserves were also unchanged in the previous reporting week.

The special drawing rights (SDRs) increased $38.3 million to $4.42 billion, while India's reserve position with the International Monetary Fund rose $17.4 million to $2.01 billion, the RBI data showed. 

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