India's forex reserves up $163 million

India's foreign exchange reserves rose by $163 million to $317.84 billion for the week ended July 19, Reserve Bank of India (RBI) data showed.

The reserves had increased by $643.2 million to $317.03 billion for the week ended July 11.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, also gained by $163 million to $291.05 billion for the week under review.

The foreign currency assets had increased gained $648.7 million to $290.22 billion in the previous week.

The RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

However, India's reserve position with the International Monetary Fund (IMF) declined by $4.4 million to $1.71 billion.

The value of special drawing rights (SDRs) too fell. SDR were down $11.5 million to $4.45 billion.

The value of gold reserves remained unchanged at $20.63 billion. The gold reserves had declined by $155.5 million in value at $20.63 billion in the week ended July 4.