India's forex reserves rise by $819.5 million

India's foreign exchange (forex) reserves rose by $819.5 million to $282.11 billion for the week ended November 8, helped by a sharp increase in foreign currency assets.

Foreign currency assets, the biggest component of the forex reserves, rose by $829.7 million to $254.43 billion during the week under review, according to the Reserve Bank of India (RBI) Weekly Statistical Supplement.

The foreign currency assets, expressed in the US dollar term, include the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

However, India's reserve position with the International Monetary Fund (IMF) fell by $3.2 million to $2.03 billion and the value of the special drawing rights (SDRs) dropped by $7 million to $4.41 billion.

The value of India's gold reserves remained unchanged at $21.22 billion during the week under review.