India's forex reserves up $177 mn

India's foreign exchange (forex) reserves increased by $177.8 million to $293.28 billion for the week ended Jan 10, Reserve Bank of India (RBI) data showed.

The foreign exchange reserves had declined by $2.59 billion to $293.10 billion for the week ended Jan 3 2013.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, grew by $190.3 million to $267.14 billion.

The foreign currency assets had fell by $1.68 billion to $266.95 billion in the previous week.

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.

The value of special drawing rights (SDRs) decreased by $8.6 million to $4.42 billion during the week under review. India's reserve position with the International Monetary Fund (IMF) was down by $3.9 million to $1.99 billion.

The value of India's gold reserves remained stagnant at $19.72 billion.