India's forex reserves swell USD 2.57 bn to 294.16 billion

The country's total forex reserves had went up by USD 3.87-billion to USD 291.56-billion in the previous week.Foreign currency assets, a major component of the forex kitty, shot up nearly USD 2-billion to USD 266.51-billion for the week ended October 1, data released today by the Reserve Bank of India (RBI) showed.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

Country's gold reserves were up by USD 508-million to USD 20.51-billion while there was a marginal USD 56-million rise in India's Special Drawing Rights (SDRs) to USD 5.139- billion, the data showed.The country's reserve position in the International Monetary Fund was also marginally up by USD 21-million to USD 1.996-billion, the apex bank data showed.