Country's foreign reserves up by $1.46 bn

Foreign exchange (forex) reserves gained by USD 1.46 billion to touch USD 277.72 billion for the week ended October 4, official data showed.

Forex reserves had declined sharply in the three previous weeks, falling by USD 1.11 billion to USD 276.26 billion for the week ended Sep 27.

According to the Reserve Bank of India (RBI) Weekly Statistical Supplement, India's foreign currency assets (FCA), the biggest component of the forex reserves, increased by USD 1.40 billion to USD 249.32 billion for the week ended October 4.

RBI said that the FCA 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.

The FCA had dropped by USD 1.29 billion to USD 247.92 billion for the week ended Sep 27.

India's reserve position with the International Monetary Fund (IMF) jumped by USD 7.2 million to USD 2.19 billion and the value of the special drawing rights (SDRs) increased by USD 14.7 million to USD 4.43 billion.

The value of India's gold reserves increased by USD 41.3 million and stood at USD 21.76 billion during the week under review.