Forex reserves up by USD 60.5 million to USD 318.64 billion

The country's foreign exchange reserves surged by US $60.5 million to US $318.64 billion for the week ended August 29, as foreign currency assets rose, the Reserve Bank of India (RBI) said on Friday.

Last week, the reserves had fallen by US $810.7 million to US $318.579 billion, the RBI statement said.

Gold reserves remained unchanged at US $21.173 billion in the reporting week.

Foreign currency assets (FCAs), a major constituent of overall reserves, increased by US $75 million to US $291.393 billion in the period, the statement released by the central bank said.

FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen held in reserves.

The special drawing rights were down US $10.5 million to US $4.386 billion, and India's reserve position with the IMF also dropped by US $4 million to US $1.687 billion during the week, RBI data showed.