India's forex reserves surge $179 mn to $293 bn

Mumbai: India’s foreign exchange reserves rose by $177.8 million to $293.28 billion in the week ended 10 January on the back of a healthy rise in a key component of the assets, Reserve Bank said today.

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

Foreign currency assets (FCAs), which form a major part of the overall reserves, swelled by $190.3 million to $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.

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

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

PTI