Forex reserves rise by USD 2,479 mn.

India`s forex reserves increased by USD 2,479 million to stand at USD 281,901 million as on Jul. 16, 2010 mainly on account of rise in foreign currency assets.

As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Jul. 23, 2010, foreign currency assets increased by USD 2,409 million to stand at USD 255,677 million.

Reserve position in the International Monetary Fund (IMF) increased by USD 15 million to stand at USD 1,343 million. Special Drawing Rights (SDRs) increased by USD 55 million to stand at USD 4,987 million.

During the same period, gold reserves remained steady at USD 19,894 million as against previous week.

Foreign currency assets expressed in USD include the effect of appreciation or depreciation on non-US currencies (such as Euro, Sterling and Yen) held in reserves.

Source : myiris.com