Forex reserves in India rise to $294 billion

The country's foreign exchange reserves surged by $1.46 billion to $293.79 billion in the week ended February 14, on account of increase in the currency assets, the Reserve Bank of India said on Friday. In the previous reporting week, the reserves had increased by $1.26 billion to $292.33 billion.

Foreign currency assets (FCAs), a major part of the overall reserves, rose by $1.414 billion to $267.25 billion in the week under review, RBI said.

FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in its reserves. During the week, the gold reserves were unchanged at $20.075 billion.

The Special Drawing Rights rose by $30.5 million to $4.459 billion, while India's reserve position with the IMF increased by $13.5 million to $2.007 billion, RBI said.

PTI

Story first published: Saturday, February 22, 2014, 10:26 [IST]