India's foreign reserves up $2.71 bn

India's foreign exchange reserves zoomed by $2.71 billion to $320.56 billion due to a sharp rise in the currency assets for the week ended July 25, Reserve Bank of India (RBI) data showed.

The reserves had increased by $163 million to $317.84 billion for the week ended July 19, 2014.

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 $2.73 billion to $293.78 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 $5.3 million to $1.70 billion.

The value of special drawing rights (SDRs) too fell. SDR were down $13.6 million to $4.43 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.