India's forex reserves rise to $401.9 billion

Kolkata: India's foreign exchange reserves rose $1.2 billion in the week to December 1 to $401.942 billion, Reserve Bank of India data showed.

This is the fourth consecutive weekly rise since November 3 amid steady dollar inflows. Although RBI does not provide reasons behind the changes in forex reserves, the $3.2 billion rise in reserves accretion over the last four weeks was mostly on account of changes in valuation of reserves held in other global currencies such as pound sterling, euro and Japanese yen.

Foreign currency assets, which captures the change in valuation, rose $1.5 billion in the week under review to $377,456 billion.

Value of reserves held in gold rose $36.5 million to $20.703 billion, RBI data showed.