India's forex reserves jump $1.46 bn to $277.7 billion

Business

oi-Staff

By Super

Published: Saturday, October 12, 2013, 9:42 [IST]

Mumbai: India's foreign exchange reserves surged USD 1.46 billion to USD 277.73 billion in the week ended October 4 on the back of a healthy growth in the key currency assets, the Reserve Bank said on Friday.

The reserves had dipped by USD 1.12 billion to USD 276.26 billion in the previous reporting week.

The core foreign currency assets (FCAs), which form the largest chunk of the reserves, zoomed USD 1.4 billion to USD 249.33 billion for the week under review, the 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 the reserves. After remaining unchanged for five weeks, gold reserves increased USD 41.3 million to USD 21.76 billion, according to the RBI data.

The special drawing rights rose by USD 14.7 million to USD 4.439 billion, while India's reserve position in the IMF shot up by USD 7.2 million to USD 2.197 billion, the data showed.

PTI