India's forex reserves up by $5.03 b

India’s foreign exchange (forex) reserves jumped by $5.03 billion to $291.30 billion for the week ended November 29, helped by a sharp increase in foreign currency assets, RBI data showed. This is the fourth consecutive week of gain in the country’s foreign exchange reserves.

Forex reserves had soared by $2.69 billion to $286.26 billion during the week previous to this. Foreign currency assets, the biggest component of the forex reserves, soared by $5.07 billion to $263.73 billion, according to the RBI’s weekly statistical supplement.

Foreign currency assets had increased by $2.76 billion to $258.66 billion in the previous week.

According to RBI, the 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.

The central bank did not give any reason for such a sharp increase in the foreign currency assets.

The value of special drawing rights (SDRs) rose by $12.2 million to $4.43 billion during the week under review.