 "India's foreign reserves grows by $589 mn")
India’s foreign exchange (forex) reserves grew by $589 million to $287.34 billion for the week ended 20 July, central bank data showed.
Foreign currency assets, the biggest component of the forex reserves kitty, increased by $565.5 million to $255.10 billion for the week under review, according to weekly statistical supplement released by the Reserve Bank of India (RBI).
[caption id=“attachment_396179” align=“alignleft” width=“380”]
Reuters[/caption]
The RBI did not provide any reasons for the growth. It said the assets in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
The country’s forex reserves had declined by $872.7 million in the previous week under review.
The value of special drawing rights (SDRs) grew by $15.8 million to $4.34 billion during the week ended July 20, while India’s reserves with the International Monetary Fund (IMF) rose by $7.7 million to $2.13 billion.
However, the value of gold reserves remained unchanged at $25.76 billion.
IANS