India's forex reserves surge $1.94 bln to $311.9 bln

India's forex reserves surge $1.94 bln to $311.9 bln

Country's foreign exchange reserves rose by USD 1.944 billion to USD 311.857 billion in the week ended May 2 on higher currency assets.

Last week, the total reserves rose by USD 499.8 million to USD 309.913 billion.

Foreign currency assets (FCAs), a major part of the overall reserves, surged USD 2.541 billion to USD 284.571 billion in the period, RBI said today.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in its reserves.

The gold reserves dipped USD 601 million at USD 20.965 billion, as per the RBI data.

The special drawing rights increased USD 3 million to USD 4.480 billion, and the country's reserve position with the IMF rose USD 1.2 million to USD 1.840 billion in the period, the RBI weekly data showed.

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