Forex reserves at $249 bn on March 13

Foreign exchange reserves rose $1.4bn during the week ended March 13, reversing the trend of the past five weeks, during which reserves dipped by close to $4bn. This was partly due to revaluation of non-dollar reserves in assets and partly due to dollar purchases by the central bank.

According to the latest figures released by the Reserve Bank of India, total foreign exchange reserves including gold and SDR (currency with the International Monetary Fund- IMF) rose $249m to touch $249.3 billion.

While foreign currency assets rose $1,432m, the value of gold in reserves rose $862m during the week largely on account of the sharp rise in global bullion prices. Reserves with the IMF dipped $5m. The value gold and SDR in reserves however remained unchanged during the week.