India's forex reserves up $359 mn

India's foreign exchange (forex) reserves went up by $359.4 million to $295.23 billion for the week ended Oct 19, Reserve Bank of India (RBI) data shows.

The reserves had gone down by $163.7 million to $294.87 billion for the week ended Oct 12. The reserves were up by $227.3 million for the week ended Oct 5.

Foreign currency assets (FCA) - the biggest component of the forex reserves - was up 351.3 million at $260.37 billion. The FCA had fallen by $150.1 million to $260.02 billion in the previous week, according to the weekly statistical supplement released by the RBI. The FCA were up by $218.3 million to $260.17 billion for the week ended Oct 5.

India's central bank in a statement said that FCA in the US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

The value of gold reserves remained unchanged at 28.13 billion since the week ended Oct 12. The reserves had zoomed $1.89 billion in the week ended Sep 28.

The special drawing rights (SDRs) increased by $5.3 million to $2.39 billion during the week under review, while reserves with the International Monetary Fund (IMF) were down by $2.8 million to $2.27 billion.

The SDRs had decreased by $9 million to $4.44 billion during the previous under review, while reserves with the International Monetary Fund (IMF) were down by $4.6 million to $2.26 billion.

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