Forex Reserves Surge By USD 3.8 bn To USD 313.5 bn.

India's foreign exchange reserves surged by a whopping USD 3.81 billion to USD 313.51 billion on the back of a healthy rise in the foreign currency assets (FCAs).This is the second consecutive weekly increase in the forex kitty, which had grown USD by 1.78 billion to USD 309.71 billion in the previous reporting week.FCAs, the largest component of the total reserves, rose by USD 2.92 billion to USD 282.04-billion for the week ended April 29, the Reserve Bank said in its weekly data released today.FCAs, expressed in US dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in the reserves, it said.After multiple weeks of remaining unchanged, India's gold reserves were up by USD 818 million to USD 23.79 billion, the apex bank said.Both the special drawing rights (SDRs) and reserve position in the IMF were also up during the reporting week.The SDRs increased USD 42 million to USD 4.671 billion while India's reserve position in the IMF rose USD 28 million to USD 3.013 billion, the RBI data showed.

Source : ibnlive.in.com