Foreign exchange reserves rise by $3.88 billion for week ended Feb 27

Foreign exchange reserves increased by US $3.88 billion to US $338.07 billion for the week ended Feb 27, data released by the Reserve Bank of India (RBI) showed.

The forex reserves had increased by US $1.02 billion to US $334.19 billion in the previous week, which ended February 20.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, climbed up by US $3.90 billion to US $312.20 billion in the reporting week.

The foreign currency assets had risen by US $1.04 billion at US $308.29 billion in the previous week.

The central bank said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

However, the country's reserve position with the International Monetary Fund (IMF) in the week ended February 27 stood at US $1.63 billion, lower by US $4.6 million.

The value of special drawing rights (SDRs) was lower by US $11.4 million in the week under review at US $4.06 billion.

Gold reserves for the week under review were static at US $20.18 billion. The reserves had increased by US $805.3 million at US $20.18 billion in the week ended Feb 6.