India's forex reserves rise to $582 billion

The country's foreign exchange (forex) kitty rose $233 million to $582.271 billion in the week to March 19, the Reserve Bank of India (RBI) said on Friday.

The overall reserves had risen $1.74 billion to $582.04 billion in the previous reporting week.

The increase in the overall reserves during the reporting week was largely on account of a swelling of the foreign currency assets, which rose $157 million to $541.18 billion.

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Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Value of the gold reserves increased for the second consecutive week, and was up $80 million to $34.63 billion in the reporting week, the RBI data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $2 million to $1.5 billion in the reporting week.

The country's reserve position with the IMF also declined by $1 million to $4.96 billion in the reporting week, the data showed.