Forex reserves rise by $749 mn

After sliding for two consecutive weeks, the country's foreign exchange reserves rose by $749 million to $312.231 billion, the Reserve Bank of India (RBI) said today.

The reserves had fallen by $1.23 billion in the previous reporting week to $311.48 billion.

Foreign currency assets, the biggest component of foreign reserves, were up by $763 million to $276.462 billion for the week ended October 7, the apex bank said in its weekly data released this evening.

Foreign currency assets expressed in US dollar include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

The country's gold reserves remained unchanged at $28.667 billion, the apex bank data said. Both the special drawing rights (SDRs) and country's reserve position in the International Monetary Fund were down  marginally during the week, the central bank said.

The SDRs slipped by $9 million to $4.495 billion while India's reserve position in IMF was down by $5 million to $2.607 billion, the apex bank data said.