India's forex reserves increase by $2.71 bn to $308.2 bn

India’s foreign exchange reserves rose by $2.71 billion to $308.2 billion on the back of an increase in foreign currency assets. The reserves had stood at $305.5-billion the week before. Foreign currency assets, the biggest component of the foreign reserves, went up by $2.7 billion to $277 billion for the week-ended April 8, the Reserve Bank said in its weekly data released this evening.

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 country’s gold reserves remained unchanged at $22.97 billion at the end of the reporting week, the central bank said.

Both the Special Drawing Rights (SDRs) and reserve position in the International Monetary Fund (IMF) witnessed an increase during the week, the RBI said.

The SDRs were at $4.59 billion, up $34 million from the week before while there was a $21 million increase in India’s reserve position in the IMF at $2.96 billion, the RBI data said.