Forex reserves up $2.56 bn to $297.96 bn

The country's foreign exchange reserves went up by USD 2.56 billion to USD 297.96 billion on the back of a big surge in gold reserves and foreign currency assets.

After remaining static for weeks, the country's gold reserves shot up by USD 1.15 billion to USD 21.67 billion for the week ended October 29, weekly data released on Friday by the Reserve Bank showed.

Foreign currency assets, a major component of the reserves, were up by nearly USD 1.40 billion to USD 269.10 billion for the week, the RBI data showed.

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.

India's Special Drawing Rights (SDRs) moved up by a marginal USD 4 million to USD 5.18 billion for the week, while the country's reserve position in the International Monetary Fund was also up by USD 2 million to USD 2.01 billion, the apex bank data showed.

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