India's forex reserves rise by $589 bn

Mumbai, July 29 (IANS) India's foreign exchange (forex) reserves grew by $589 billion to $287.34 billion for the week ended July 20, central bank data showed.

Foreign currency assets, the biggest component of the forex reserves kitty, increased by $565.5 billion to $255.10 billion for the week under review, according to weekly statistical supplement released by the Reserve Bank of India (RBI).

The RBI did not provide any reasons for the growth. It said the assets in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

The country's forex reserves had declined by $872.7 million in the previous week under review.

The value of special drawing rights (SDRs) grew by $15.8 million to $4.34 billion during the week ended July 20, while India's reserves with the International Monetary Fund (IMF) rose by $7.7 million to $2.13 billion.

However, the value of gold reserves remained unchanged at $25.76 billion.