India's forex reserves up $1.5 bn

India's foreign exchange (forex) reserves gained $1.51 billion to touch $279.24 billion for the week ended Octoberober 11, official data showed.

Forex reserves had risen by $1.46 billion to touch $277.72 billion for the week ended October 4.

According to the Reserve Bank of India (RBI) Weekly Statistical Supplement, India's foreign currency assets (FCA), the biggest component of the forex reserves, increased by $1.52 billion to $250.85 billion for the week under review.

RBI said the FCA expressed 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 FCA had increased by $1.40 billion to $249.32 billion for the week ended October 4.

The value of India's gold reserves remained the same. The reserves had increased by $41.3 million and stood at $21.76 billion during the week ended October 4.

However, India's reserve position with the International Monetary Fund (IMF) declined by $4.7 million to $2.19 billion and the value of the special drawing rights (SDRs) fell by $9.6 million to $4.43 billion.

For the week ended October 4, the country's reserve with IMF had risen by $7.2 million to $2.19 billion and the value of the SDRs increased by $14.7 million to $4.43 billion.