Forex reserves up USD 1.5bn to USD 287.38bn

After a steep fall last week, the foreign exchange reserves increased by USD 1.5 billion to touch USD 287.38 billion on the back of healthy addition of the core currency assets during the week ended June 8, the Reserve Bank said today.

The total reserves had fallen by USD 2.40 billion to USD 285.86 billion in the previous reporting week.

Foreign currency assets (FCAs), a major component of the forex reserves, were up by USD 1.50 billion to USD 254.60 billion for the week ended June 8, Reserve Bank's weekly statistical supplement said. FCAs, 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 gold reserves were unchanged at USD 25.58 billion, the apex bank said. For the week under review, the special drawing rights (SDRs) were up by USD 13.3 million to USD 4.360 billion, while India's reserve position with the IMF was also up USD 8.7 million to USD 2.840 billion, it added.