Forex reserves swell by $1.78 bn to touch $289.7 bn

MUMBAI: Country's foreign exchange reserves rose $1.78 billion to reach $289.67 billion during the week ended June 7 on account of a healthy increase in currency assets.

Total reserves had slid by $4.18 billion to $287.9 billion in the previous reporting week.

Foreign currency assets, a major component of the forex reserves, rose $1.62 billion to $260.13 billion for the week ended June 7, the Reserve Bank said today.

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

The gold reserves were unchanged at $1.138 billion, the apex bank said.

For the week under review, the special drawing rights (SDRs) were up by $61 million at $4.387 billion.

The country's reserve position with the IMF was also up by a whopping $101 million at $2.326 billion, the apex bank data showed.