Forex reserve shoots up by $650 million

India's foreign exchange reserve went up by $650 million to $289.4 billion in the week ended September 12, 2008, mainly due revaluation of other currencies in the reserve.

The reserve rose despite the rupee breaching the two-year low mark and sensex declining 483 points over the week on bearish mood of investors. Gold and SDRs in the reserve remained unchanged over the period. While reserve position in the IMF declined $26 million to $463 million.