India's forex reserves up at $292.672 bn

India's foreign exchange reserves increased by $ 4.356 billion to stand at $292.672 billion for the week ended February 1.

The reserves have been surging by over $3 billion for the last two consecutive weeks. The forex reserves stood at $288.316 billion, up by $3.418 billion a week before.

Foreign currency assets stood at $283.041 billion, up by $3.496 billion for the week as against $279.545 billion, the Reserve Bank data stated.

Foreign Currency Assets expressed in US dollar terms included the effect of appreciation or depreciation of other currencies such as the Euro, Pound Sterling and Yen, held in its reserves, it said.

The country's reserve position in the International Monetary Fund decreased by $11 million to $423 million during the week.

Gold reserves appreciated by $871 million to $9.1 9 billion while Special Drawing Rights (SDRs) remained static at $9 million.