India's forex reserves up $837.8 mn
Mumbai: India's foreign exchange (forex) reserves went up by USD837.8 million to USD294.81 billion for the week ended Sep 28, 2012, Reserve Bank of India (RBI) data shows.
Forex was down USD502 million for the week ended Sep 21, 2012. The reserves had risen by USD2.43 billion to USD294.47 billion for the week ended Sep 14, and subsequently grown by USD1.58 billion to USD292 billion for the previous week.
However, foreign currency assets (FCA), the biggest component of the forex reserves, in the week under review fell USD1.07 billion to USD259.95 billion, according to the weekly statistical supplement released by the RBI.
The FCA were down by USD48 million to USD261.03 billion for the week ended Sep 21, 2012. The FCA had risen by USD2.33 billion to USD261.51 billion for the week ended Sep 14, 2012.
The RBI in a statement said that FCA 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.
The value of gold reserves zoomed by USD1.89 billion at USD28.13 billion. The gold reserves were stagnant at USD26.23 billion for the past two weeks.
The special drawing rights (SDRs) decreased by USD9.5 million to USD4.45 billion during the week ended Sep 28, 2012. While, reserves with the International Monetary Fund (IMF) increased by USD26.5 million to USD2.27 billion during the week under review.
The SDRs had increased by USD11.2 million to USD4.46 billion for the week ended Sep 21, 2012, while India's reserves with the IMF grew by USD5.6 million to USD2.24 billion in the previous week.