India's forex reserves rise $1 bn to $367.14 bn

India’s forex reserves rose by $1 billion to $367.14 billion for the week ended October 21, on the back of increase in the core currency assets, the Reserve Bank said on Friday.

Total reserves had dipped by $1.506 billion to $366.139 billion in the previous reporting week, after touching a life-time high of $371.99 billion in the week to September 30.

In the reporting week, foreign currency assets, a major component of the overall reserves, increased by $1.015 billion to $341.923 billion. FCAs, expressed in US dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.Gold reserves remained steady at $21.406 billion, the apex bank said.

The special drawing rights with the International Monetary Fund (IMF) declined by $5.4 million to $1.463 billion, while India’s reserve position with the IMF dipped by $8.8 million to $2.347 billion, the apex bank said.