Forex reserves up $56 mn

India's foreign exchange reserves rose $56 million to $293 billion for the week ended February 17. According to the Reserve Bank of India, the increase was primarily aided by revaluation in foreign currency assets, which rose $87.5 million to $259.5 billion. The rupee rose from 49.41 to 49.27 per dollar during the week.

While the overall reserves increased, special drawing rights (SDR) and reserves in the International Monetary Fund (IMF) fell $19 million and $12 million, respectively. The SDRs stood at $4.4 billion, while reserves position in the IMF fell to $ 2.7 billion. Gold reserves remained unchanged at $27 billion.