India’s foreign exchange (forex) reserves grew by USD 589 million to USD 287.34 billion for the week ended July 20, central bank data showed.
Foreign currency assets, the biggest component of the forex reserves kitty, increased by USD 565.5 million to USD 255.10 billion for the week under review, according to weekly statistical supplement released by the Reserve Bank of India (RBI).
The RBI did not provide any reasons for the growth. It said the assets in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
The country’s forex reserves had declined by USD 872.7 million in the previous week under review.
The value of special drawing rights (SDRs) grew by USD 15.8 million to USD 4.34 billion during the week ended July 20, while India’s reserves with the International Monetary Fund (IMF) rose by USD 7.7 million to USD 2.13 billion.
However, the value of gold reserves remained unchanged at USD 25.76 billion.
IANS