India's forex reserves up $1.97 bn

India's foreign exchange (forex) reserves rose by $1.97 billion to $313.83 billion for the week ended May 9, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed.

The reserves gained $1.94 billion to $311.85 billion for the week ended May 2.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $1.97 billion to $286.54 billion in the week under review.

The foreign currency assets rose by $2.54 billion to $284.57 billion in the week under review.

The RBI said 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) decreased by $1.7 million to $1.83 billion.

The value of special drawing rights (SDRs) also fell. The SDRs wre down $3.6 million to $4.47 billion.

The value of gold reserves remained the same in the period under review at $20.96 billion. The reserves declined by $601 million at $20.96 billion in week ended May 2.