India's forex reserves climbed to $314.5 billion

Posted By: Religare
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India's forex reserves climbed to $314.5 billion
According to the weekly data released by RBI the foreign exchange reserves of the country came down to 314.507 billion witnessing a decline of $112 million. The data is for the week ended July 15, 2011.

This decline is seen due to the downfall in foreign currency assets (FCAs) forming the largest share of the foreign reserves. FCAs came down to $282.30 billion seeing a decline of $115 million. These foreign currency assets are given in terms of US dollar. It also includes the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, included in the reserves.

Further the reserves came down to $314.62 billion a week before seeing a dip of $1.10 billion. The gold reserves however maintained the same level of 24.668 billion as stated in the data reported.

According to the data released the special drawing rights (SDRs) and reserve position in the International Monetary fund has also shown an increase during the week reviewed. The SDRs went up to $4.584 billion seeing an increase of $2 million similarly country's reserve position in the IMF went up to $2.956 billion seeing an increase of $1 million.

Read more about: economy, imf, dollar
Story first published: Monday, July 25, 2011, 13:31 [IST]
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