India's forex reserves soar USD 5 billion to USD 291 billion

Image
Press Trust of India Mumbai
Last Updated : Dec 06 2013 | 6:12 PM IST
India's forex reserves surged by a whopping USD 5.04 billion to USD 291.3 billion in the week ended November 29 on account of a robust jump in foreign currency assets (FCAs), the Reserve Bank today said.
This is the fourth consecutive week when the country's reserves have jumped and logged one of the sharpest spikes in recent times.
In the week ago period, the reserves had risen by USD 2.691 billion to USD 286.26 billion.
FCAs, which form a major part of the overall reserves, rose by USD 5.071 billion to USD 263.736 billion for the week under review, the RBI said.
FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in reserves.
During the week under review, the gold reserves remained unchanged at USD 21.227 billion, while the special drawing rights rose by USD 12.2 million to USD 4.432 billion.
India's reserve position with the IMF fell by USD 46.2 million to USD 1.905 billion during the period, the apex bank data showed.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Dec 06 2013 | 6:12 PM IST

Next Story