Forex reserves up by $2.56 billion on gold revaluation

MUMBAI - India’s foreign exchange (forex) reserves increased by $2.56 billion during the week ended Oct 29, to reach a total of $297.95 billion, partly on account of a jump in gold prices.

The value of gold reserves increased by $1.15 billion to $21.68 billion, as prices hit a new high.

Foreign currency reserves, that include US dollar, euro and British pound, among others, increased $1.39 billion to $269.09 billion during the week under review, according to data released by the Reserve Bank of India (RBI).

Special Drawing Rights (SDRs) rose $4 million to $5.182 billion and reserve with International Monetary Fund increased $2 million to $2.013 billion.