India’s forex reserves rise to $294.16 bn
By IANSSaturday, October 9, 2010
MUMBAI - India’s foreign exchange reserves increased by $2.563 billion to $294.158 billion for the week ended Oct 1, registering a gain for the third straight week on account of revaluation.
Foreign currency reserve rose $1.978 billion to $266.507 billion during the week, according to the Reserve Bank of India’s weekly statistical supplement.
The value of gold reserves increased $508 million to $20.516 billion, Special Drawing Rights (SDRs) rose $56 million to $5.139 billion and reserve with International Monetary Fund increased $21 million to $1.996 billion.
However, the value of total reserves in Indian currency declined Rs.16,214 crore to Rs.13,14,789 crore.
The value of reserves in dollar terms has increased mainly because of a sharp depreciation in the US currency.
Most currencies, including the Indian rupee and euro, have appreciated against the US dollar during the week under review. Foreign currency reserves expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies.
India’s foreign exchange reserves increased $3.861 billion to $291.595 billion during the week ended Sep 24.
