India's forex reserves rise by $1.31 billion

India's foreign exchange (forex) reserves grew by $1.31 billion to $288.64 billion for the week ended July 27, Reserve Bank of India (RBI) data showed.

The forex had earlier risen by $589 million to $287.34 billion for the week ended July 20, 2012. The country's forex reserves had declined by $872.7 million in the week ended July 13, 2012.

Foreign currency assets, the biggest component of the forex reserves kitty, increased by $1.29 billion to $256.39 billion for the week under review, according to weekly statistical supplement released by RBI.

The foreign currency assets had risen by $565.5 million to $255.10 billion for the week ended June 20.

The RBI 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 value of special drawing rights (SDRs) grew by $13.5 million to $4.35 billion during the week ended July 27, while India's reserves with the International Monetary Fund (IMF) rose by $6.7 million to $2.13 billion.

However, the value of gold reserves remained unchanged at $25.76 billion.