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.

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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.

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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