India's forex reserves up $614 mn

India's foreign exchange reserves rose by $614.6 million to $316.39 billion for the week ended July 4, Reserve Bank of India (RBI) data showed.

The reserves had increased by $856.6 million to $315.77 billion for the week ended June 27, led by a sharp jump in overseas currency assets.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $760.6 million to $286.57 billion.

The foreign currency assets had grown by $850.9 million to $288.81 billion for the week ended June 27.

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.

India's reserve position with the International Monetary Fund (IMF) grew by $2.6 million to $1.71 billion.

The value of special drawing rights (SDRs) rose by $4.46 million to $6.9 billion.

However, the value of gold reserves declined by 155.5 million at $20.63 billion.