Mumbai, Sept.4 Foreign exchange reserves rose $4.4 billion to $276.3 billion for the week ended August 28, according to figures released in the Reserve Bank of India’s weekly statistical supplement.
The rise in the reserves was mainly because of the $4.82 billion increase in special drawing rights (SDRs). The International Monetary Fund had increased the SDR allocation for countries last month.
This was done so that countries could utilise the allocation in case of liquidity problems.
For the week ended August 21, the reserves increased by $932 million to $271.957. In the week under consideration, the foreign currency assets decreased by $415 million to $260.523 billion.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies.
Gold reserves remained unchanged at $9.67 billion. The reserve position in the IMF decreased by $1 million to $1.347 billion.
Source : Business Line