Mumbai, May 10 :
India’s foreign exchange (forex) reserves rose by $1.94 billion to $311.85 billion for the week ended May 2, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed.
According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $2.54 billion to $284.57 billion in the week under review.
The foreign currency assets had risen by $493.2 million to $282.03 billion in the previous week.
The RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.
India’s reserve position with the International Monetary Fund (IMF) increased by $1.2 million to $1.84 billion.
The value of special drawing rights (SDRs) rose by $3.00 million to $4.48 billion.
However, the value of gold reserves declined by $601 million at $20.96 billion.