India's forex reserves up by $266 million

MUMBAI: The country’s foreign exchange reserves rose marginally by $266 million during the week ended September 16, largely on account of revaluation of non-dollar assets. The country’s forex reserves are at $316.76 billion, according to the latest figures released by the Reserve Bank of India (RBI). Foreign currency assets comprising dollars, British pounds and euro among others dipped $202 million during the week to $280.9 billion.

While special drawing rights (SDRs) -- the reserve currency with the International Monetary Fund -- and the reserve capital with the IMF rose $2 million and $62 million, respectively. The rupee slipped steeply against the US dollar during the week, forcing RBI to intervene and sell dollars to stabilise the rupee.

The data, however, shows a rise in reserves. ‘This could be largely due to revaluation of non-dollar assets in the reserves during the week. Besides, the central bank intervention could be very minimal,’ said a currency dealer with a local bank.