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Forex reserves rise to $316.4bn, inch towards 2011 record

Mumbai, Jul 11 (PTI) : India’s foreign exchange reserves rose by $614.6 million to touch $316.393 billion in the week to July 4, on account of rise in currency assets.

In the previous week, reserves had risen by $856.6 million to $315.778 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 $760.6 million to $289.573 billion in the reporting week, the Reserve Bank said in its weekly statement here 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 reserves.

The gold reserves dropped by $155.5 million to $20.634 billion in the reporting week.

The special drawing rights were up $6.9 million to $4.466 billion, and the country's reserve position with the International Monetary Fund also rose, by $2.6 million to $1.718 billion, in the period under review, the central bank said.


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