India's forex reserves surge to $292.33 bn

India's foreign exchange reserves surged by $1.26 billion to $292.33 billion in the week ended February 7 on the back of a healthy increase in the currency assets, the Reserve Bank said.

The total reserves had dipped by $1.17 billion to $291.07 billion in the previous reporting week.

Foreign currency assets (FCAs), a major part of the overall reserves, rose by $1.260 billion to $265.832 billion in the week under review, the apex bank 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 its reserves.

During the week, the gold reserves were unchanged at $20.075 billion.

The Special Drawing Rights fell by $1.3 million to $4.428 billion, while India's reserve position with the IMF declined by $1.5 million to $1.993 billion, RBI said.