Forex reserves up by $1.61 bn

Foreign exchange reserves grew by USD 1.61 billion to USD 296.05 billion for the second consecutive week on the back of a rise in the core foreign currency assets.

Mumbai: Foreign exchange reserves grew by USD 1.61 billion to USD 296.05 billion for the second consecutive week on the back of a rise in the core foreign currency assets.

The total reserves had risen by USD 55.8 million to USD 293.44 billion in the previous reporting week, according to the RBI data.

Foreign currency assets, a major component of the forex reserves, rose by USD 1.57 billion to USD 261.10 billion for the week ended February 24, the Reserve Bank said on 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.

The gold reserves were unchanged at USD 26.73 billion, the apex bank said.

For the week under review, special drawing rights (SDRs) increased USD 25.3 million to USD 4.481 billion, while the country's reserve position in the IMF also swell by USD 15.2 million to USD 2.737 billion, the apex bank data showed.

PTI

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