India's forex reserves up by $ 56 million

India’s foreign exchange (forex) reserves went up by $55.6 million to $295.29 billion for the week ended Oct 26, Reserve Bank of India (RBI) data show.

The reserves rose $359.4 million to $295.23 billion for the week ended Oct 19. The forex had declined by $163.7 million to $294.87 billion for the week ended Oct 12.

The foreign currency assets (FCA)-the biggest component of the forex reserves-was up $86.9 million at $260.46 billion, according to the weekly statistical supplement released by the RBI.

The FCA increased $351.3 million at $260.37 billion in the previous week.

India’s central bank said FCA in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

The value of gold reserves remained unchanged at 28.13 billion since the week ended Oct 12. The reserves had zoomed $1.89 billion in the week ended Sep 28.

The special drawing rights (SDRs) declined by $20.7 million to $4.43 billion during the week under review while reserves with the International Monetary Fund (IMF) were down by $10.6 million to $2.26 billion.

The SDRs had decreased by $5.3 million to $2.39 billion during the previous under review, while reserves with the International Monetary Fund (IMF) were down by $2.8 million to $2.27 billion.

IANS