Indias forex reserves inch towards USD 300-billion mark

Mumbai: India`s foreign exchange reserves went up by USD 243 million to USD 299.415 billion in the week ended February 4, driven by an increase in its foreign currency assets (FCAs).

The total reserves had stood at USD 299.17 billion in the week before.

FCAs, the biggest component of the total foreign reserves, were up by an impressive USD 793 million to USD 270.08 billion for the week, the Reserve Bank said in its weekly data released last evening.

FCAs, 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.

However, after remaining static for many weeks, the country`s gold reserves dropped by a staggering USD 546 million to 21.92 billion, the apex bank data said.

Both the special drawing rights (SDRs) and reserve position in the IMF declined marginally.

The SDRs were down USD 3 million to USD 5.15 billion while India`s reserve position in the IMF declined USD 1 million to USD 2.261 billion, the RBI data showed.