India's forex reserves up by $1.96 bn to $292.31 bn


India's foreign exchange (forex) reserves increased by USD 1.96 billion to USD 292.31 billion for the week ended March 15, according to data released by the central bank.

The reserves had decreased by USD 223.9 million to USD 290.35 billion for the week ended March 8.

The foreign currency assets (FCA) - the biggest component of the forex reserves - grew by USD 1.97 billion at USD 259.35 billion, according to the weekly statistical supplement released by the Reserve Bank of India (RBI).

The FCA dipped by USD 225.5 million at USD 257.38 billion in the previous week.

The central bank said FCA in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

Gold reserves value remained the same at USD 26.29 billion.

However, the special drawing rights (SDRs) decreased by USD 3.3 million to USD 4.34 billion during the week under review, while reserves with the International Monetary Fund (IMF) went down by USD 1.7 million to USD 2.32 billion.

The SDRs had increased by USD 1.1 million to USD 4.35 billion during the previous week, while reserves with the IMF had marginally went up by USD 0.5 million to USD 2.32 billion.