India's forex reserves up $643 mn

India's foreign exchange reserves rose by $643.2 million to $317.03 billion for the week ended July 11, Reserve Bank of India (RBI) data showed.

The reserves had increased by $614.6 million to $316.39 billion for the week ended July 4.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, gained $648.7 million to $290.22 billion.

The foreign currency assets had increased by $760.6 million to $286.57 billion for the week ended July 4.

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 $1.5 million to $1.71 billion.

The value of special drawing rights (SDRs) too fell. SDR were down $4.00 million to $4.46 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.