Forex reserves rise $1.6 bn

India's foreign exchange reserves rose $1.6 billion to $295.04 billion in the week ended February 24, owing to the flow of foreign funds into the capital market and fluctuation in the values of international currencies.

According to Reserve Bank of India data, foreign currency assets increased $1.56 billion to $ 261.10 billion, while the value of gold reserves remained unchanged.

The value of statutory drawing rights rose $25.3 million to $4.48 billion.