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India's forex reserves rise by $266 million

India's foreign exchange (forex) reserves rose by $266 million to $316.76 billion for the week ended Sep 16, after declining by $4.29 billion in the previous week, official data showed.

business Updated: Sep 24, 2011 14:03 IST

India's foreign exchange (forex) reserves rose by $266 million to $316.76 billion for the week ended Sep 16, after declining by $4.29 billion in the previous week, official data showed.

Foreign currency assets, the biggest component of the forex reserves kitty, rose by $202 million to $280.90 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve. The assets had declined by $4.17 billion in the previous week.

The value of special drawing rights (SDRs) rose by $2 million to $4.55 billion and reserves with the International Monetary Fund (IMF) increased by $62 million to $2.99 billion.

However, gold reserves remained unchanged at $28.32 billion. Gold reserves had jumped by $2.97 billion during the week ended Sep 2 due to revaluation in prices.

Rise in gold prices had pushed India's foreign reserves kitty to an all-time high of $320.78 billion for the week ended Sep 2.

However, the forex reserve kitty declined by $4.29 billion in the following week.