India's forex reserves up $856 mn

Mumbai, July 5 (IANS) India's foreign exchange reserves rose by $856.6 million to $315.77 billion for the week ended June 27, led by a sharp jump in overseas currency assets, Reserve Bank of India (RBI) data showed.

The reserves had increased by $1.38 billion to $314.92 billion for the week ended June 20.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $850.9 million to $288.81 billion.

The foreign currency assets had grown by $1.37 billion to $287.96 billion for the week ended June 20.

The RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

India's reserve position with the International Monetary Fund (IMF) grew by $1.7 million to $1.71 billion.

The value of special drawing rights (SDRs) rose by $4.00 million to $4.45 billion.

However, the value of gold reserves remained unchanged at $20.79 billion.

--Indo-Asian News Servoce

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