India's foreign reserves up by $1.46 billion

India's foreign exchange (forex) reserves gained by $1.46 billion to touch $277.72 billion for the week ended October 4, official data showed.

Forex reserves had declined sharply in the three previous weeks, falling by $1.11 billion to $276.26 billion for the week ended Sep 27.

According to the Reserve Bank of India (RBI) Weekly Statistical Supplement, India's foreign currency assets (FCA), the biggest component of the forex reserves, increased by $1.40 billion to $249.32 billion for the week ended October 4.

RBI said that the FCA 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.

The FCA had dropped by $1.29 billion to $247.92 billion for the week ended Sep 27.

India's reserve position with the International Monetary Fund (IMF) jumped by $7.2 million to $2.19 billion and the value of the special drawing rights (SDRs) increased by $14.7 million to $4.43 billion.

The value of India's gold reserves increased by $41.3 million and stood at $21.76 billion during the week under review.