India's forex reserves rise to $289.15 bn

Mumbai, Aug 11 (IANS) India's foreign exchange (forex) reserves grew by $502.2 million to $289.15 billion for the week ended Aug 3, 2012, the Reserve Bank of India's (RBI) data showed.

The forex had increased by $1.31 billion to $288.64 billion for the week ended July 27, 2012. The forex had earlier risen by $589 million to $287.34 billion for the week ended July 20, 2012.

However, the country's forex reserves had declined by $872.7 million in the week ended July 13, 2012.

Foreign currency assets, the biggest component of the forex reserves kitty, increased by $560.7 million to $256.95 billion in the week under review, according to the weekly statistical supplement released by the RBI.

Foreign currency assets had gained by $1.29 billion to $256.39 billion for the week ended July 27, 2012.

The RBI in a statement said that foreign currency assets in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

However, there was a decline in the value of gold reserves, special drawing rights (SDRs) and reserves with the International Monetary Fund (IMF) in the week under review.

The value of gold reserves went down by $45.5 million to $25.71 billion.

The SDRs declined by $8.7 million to $4.34 billion during the week ended Aug 3, while India's reserves with the IMF dwindled by $4.3 million to $2.13 billion.