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Forex reserves surge by $3.8 bn to $313.5 bn

India's foreign exchange reserves surged by a whopping $3.81 billion to $313.51 billion on the back of a healthy rise in the foreign currency assets.

twitter-logoPTI | May 10, 2011 | Updated 10:55 IST

India's foreign exchange reserves surged by a whopping $3.81 billion to $313.51 billion on the back of a healthy rise in the foreign currency assets (FCAs).

This is the second consecutive weekly increase in the forex kitty, which had grown by $1.78 billion to $309.71 billion in the previous reporting week.

FCAs, the largest component of the total reserves, rose by $2.92 billion to $282.04-billion for the week ended April 29, the Reserve Bank said in its weekly data released on Friday.

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, it said.

After multiple weeks of remaining unchanged, India's gold reserves were up by USD 818 million to USD 23.79 billion, the apex bank said.

Both the special drawing rights (SDRs) and reserve position in the IMF were also up during the reporting week.

The SDRs increased USD 42 million to USD 4.671 billion while India's reserve position in the IMF rose USD 28 million to USD 3.013 billion, the RBI data showed.

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