Forex reserves up

India’s foreign exchange reserves rose $17.8 million to $289.17 billion for the week ended August 10, the Reserve Bank of India said. The reserves had increased $502 million to $289.15 billion in the previous reporting week. Foreign currency assets, a major component of the reserves, were down $34.1 million to $256.92 billion for the week under review, RBI said.

FCAs, expressed in US dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in the reserves.

Gold reserves were unchanged at $25.71 billion, the apex bank said. For the week under review, special drawing rights were down by $1.5 million to $4.348 billion, while the country’s reserve position with the IMF was up by a surprising $53.4 million to $2,187 million, the apex bank data showed.