Forex reserves reach USD 310.21 billion

Mumbai: The country`s foreign exchange reserves rose for the second consecutive week, swelling by USD 1.68 billion to USD 310.21 billion.

The forex reserves had increased by USD 1.04 billion to 308.53 billion in the previous reporting week.

Foreign currency assets, the largest component of the total reserves, increased by USD 1.67 billion to USD 278.87 billion for the week ended May 27, the Reserve Bank said in its weekly data released today.

Foreign currency assets, expressed in US 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, the apex bank said.

India`s gold reserves were unchanged at USD 23.79-billion during the reporting week, the apex bank data said.

Both the special drawing rights (SDRs) and reserve position in the IMF also witnessed marginal improvements during the week, the RBI said.

The SDRs increased USD 6 million to USD 4.591 billion while India`s reserve position in the IMF was up by USD 4 million to USD 2.961 billion, the RBI data showed.