Forex reserves increase $1.3 bn

Foreign exchange reserves increased $1.3 billion to $288 billion over the week ended July 27. The Reserve Bank of India on Friday said the increase was mainly on account of revaluation of foreign currency assets rose $1.3 billion to $256 billion in the same period. As on July 27, gold reserves were at $25.7 billion, unchanged over the week. Special drawing rights were up $13.5 million to $4.3 billion and the reserve position at the International Monetary Fund was also up $6.7 million to $2.1 billion.