India's forex reserves surge $179 million to $293 billion

India's forex reserves surge $179 million to $293 billion Mumbai: India's foreign exchange reserves rose by USD 177.8 million to USD 293.28 billion in the week ended January 10 on the back of a healthy rise in a key component of the assets, Reserve Bank said Friday.

The total reserves had dipped by USD 2.59 billion to USD 293.11 billion in the previous reporting week.

Foreign currency assets (FCAs), which form a major part of the overall reserves, swelled by USD 190.3 million to USD 267.14 billion for the week under review, RBI said.

FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in reserves.

During the week under review, the gold reserves were unchanged USD 19.72 billion.

The special drawing rights fell by USD 8.6 million to USD 4.425 billion, while India's reserve position with the IMF declined by USD 3.9 million to USD 1.993 billion, the apex bank said.