Forex reserves rise to $295.75 bn

Forex reserves rise to $295.75 bn Mumbai: The foreign exchange reserves of the country rose by USD 77.6 million to USD 295.75 billion for the week ended January 25 in the wake of increase in currency assets, the Reserve Bank said Friday.

The total reserves had dropped by USD 580 million to USD 295.67 billion in the previous reporting week.

The foreign currency assets, a major component of the reserves, were up by USD 79.3 million to USD 261.708 billion for the week ended January 25, Reserve Bank's weekly statistical supplement said Friday.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

Gold reserves remained unchanged at USD 27.219 billion during the week, the apex bank said.

For the week under review, the special drawing rights (SDRs) were down by USD 1.1 million to USD 4.434 billion, while the country's reserve position with the IMF was also down marginally by USD 0.6 million to USD 2.387 billion, the apex bank data showed.

PTI