India’s forex reserves rise to $306.64 bn

Mumbai, April 12 (IANS) India’s foreign exchange (forex) reserves increased by $2.97 billion to $306.64 billion for the week ended on April 4, Reserve Bank of India (RBI) data showed.

The forex reserves have soared past $300 billion mark for the first time since December 2011.

This is the sixth consecutive week of increase in the country’s forex reserves as overseas investors poured in money in local bonds and stock markets. The forex reserves had risen by $5.03 billion and $1.34 billion in the previous two weeks.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose by $2.39 billion to $278.80 billion.

RBI said that 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, the value of special drawing rights (SDRs) fell by $10.3 million to $4.44 billion. India’s reserve position with the International Monetary Fund (IMF) fell by $4.3 million to $1.82 billion.

The value of gold reserves grew by 558.8 million at $21.56 billion.