India's forex reserves swell to $282.84bn.

MUMBAI: After having declined for two consecutive weeks, country's foreign exchange reserves grew by USD 293-million to USD 282.84-billion from the week before's USD 282.55-billion.

Foreign currency assets, a major component of the country's foreign exchange reserves, grew USD 279-million to USD 256.65-billion for the week ended August 27 as against the previo us week's USD 256.37-billion, the Reserve Bank of India (RBI) said in its weekly data released today.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies, such as the euro, sterling and yen, held in the reserves, the apex bank said.

Country's foreign exchange reserves had tanked by over USD 4.7-billon in the fortnight before due to import payments and changes in values of many currencies.

For the week ended August 27, gold reserves remained unchanged at USD 19.278-billion while country's Special Drawing Rights (SDRs) moved up marginally to USD 4.981-billion, up USD 10-million.

India's reserve position in the International Monetary Fund ( IMF) also went up marginally by USD 4-million to USD 1.935-billion, the RBI data said.

Source : timesofindia.indiatimes.com