India’s forex reserves rise to $309.44 bn

Mumbai, April 19 (IANS) India’s foreign exchange (forex) reserves rose by $2.79 billion to $309.44 billion for the week ended April 11, Reserve Bank of India (RBI) data showed.

There was a sharp jump in foreign currency assets.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose by $2.74 billion to $281.55 billion.

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) rose by $14.8 million to $1.84 billion.

The value of special drawing rights (SDRs) increased by $35.9 million to $4.48 billion. However, the value of gold reserves remained unchanged at $21.56 billion.