Forex reserves rise $643.2 mn to $317 bn

The forex reserves rose $643.2 million to reach $317.036 billion in the week to July 11, due to rise in currency assets.

In the previous week, reserves had risen by $614.6 million to $316.393 billion. With this, the reserves are close to the record high reported in late 2011 at $321 billion.

Foreign currency assets (FCAs), a major constituent of the overall reserves, rose $648.7 million to $290.221 billion in the reporting week, the Reserve Bank said in its weekly statement here on Friday.

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 reserves. The gold reserves remained unchanged at $20.634 billion in the reporting week.