India's forex reserves jump $1 b

India's forex reserves jump $1 b

 The country’s foreign exchange reserves rose for the second consecutive week, going up by $1.05 billion to $293.37 billion on a rise in the core currency assets, the Reserve Bank said on Friday.

The total reserves had risen by nearly $2 billion to $292.3 billion in the previous reporting week.

Foreign currency assets, a major component of the forex reserves, were up by $1.06 billion to $260.41 billion for the week ended March 22, the Reserve Bank said.

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.

The gold reserves remained unchanged at $26.292 billion, it said.

For the week under review, special drawing rights decreased by $7.5 million to $4.342 billion, while the reserve position in the IMF slid by $4.1 million to $2.317 billion, the apex bank data showed.