India's foreign exchange reserves rose by $2.69 billion to $312.90 billion on the back of healthy jump in foreign currency assets (FCAs) in the week ended June 3. The forex reserves had increased by $1.68 billion to 310.21 billion in the previous reporting week.
FCAs, the largest component of the total reserves, shot up by $2.035 billion to $280.91 billion for the week ended June 3, the Reserve Bank said in its weekly data released today. FCAs, 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, it said. After remaining unchanged for weeks, India's gold reserves vaulted $601 million to 24.39 billion during the reporting week, the apex bank data said.
Both the special drawing rights (SDRs) and reserve position in the IMF also witnessed marginal improvements during the period under review, the RBI said. The SDRs increased $32 million to $4.623 billion, while India's reserve position in the IMF was up by $21 million to $2.982 billion, the data showed.