India's forex reserves up by $6.70 billion

The country's forex reserves jumped by $6.70 billion to $315.72 billion on the back of sharp increase in the foreign currency assets, the Reserve Bank of India said on Friday.

Foreign currency assets, the biggest component of the foreign exchange reserves, were up by $6.36 billion to $283.46 billion for the week ended July 1, the bank said in its weekly data released today.

Foreign currency assets expressed in US 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 apex bank said.

India's gold reserves were up by $277 million to $24.67 billion for the reporting week, the RBI data said. Both the special drawing rights (SDRs) and reserve position in the IMF were also up, the RBI said.

The SDRs increased by $32 million to $ 4.614 billion while India's reserve position in the IMF was up by $21 million to $2.975 billion, the RBI said.

The huge increase in forex assets has come following $1.54 billion decline in the previous week which had brought down the reserves to $309.02 billion.