India's Forex Reserves rise to $294.36 billion

Published: Saturday, March 8, 2014, 9:22 [IST]

The country's foreign exchange reserves rose by $954.6 million to $294.36 billion on account of gains in the value of gold reserves, the Reserve Bank said.

In the previous reporting week, the reserves had dipped by $383.7 million to $293.41 billion . After remaining unchanged for multiple weeks, the gold reserves surged by $902.3 million to $20.978 billion for the week neded February 28, the Reserve Bank said today. Foreign currency assets (FCAs), a major part of the overall reserves, increased by $33.6 million to USD 266.90 billion for the week ended February 28, RBI said. 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 its reserves.

The forex reserves have been showing a steady rise also on the back of steady dollar flows from FIIs. They have net bought in the cash market of the equity segment of the stock markets for the 16th straight day.

With inputs from PTI

Story first published: Saturday, March 8, 2014, 9:22 [IST]