FE reserves at $262.3 billion

India’s forex reserves rose by US$1.667 billion to US$ 262.306 billion, for the week ended May 29, as compared to US$260.639 billion in the previous week.

Reserves had gone up by US$6 billion for the week ended May 22 after falling by US$ 1.734 billion in the week before.

Foreign currency assets, during the week, jumped to US$251.456 billion, up US$ 1.291 billion, as compared to US$250.165 billion in the previous week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as Euro, Sterling, Yen) held in reserves, RBI said in its weekly report. Gold reserves, during the week, went up to US$9.604 billion as against US$9.231 billion in the previous week while the special drawing rights (SDR) stood unchanged at US$1 million.