Forex reserves rise $643.2 mln to $317.03 bn

Forex reserves rise $643.2 mln to $317.03 bnMumbai: The forex reserves rose USD 643.2 million to reach USD 317.036 billion in the week to July 11, due to rise in currency assets.

In the previous week, reserves had risen by USD 614.6 million to USD 316.393 billion.

With this, the reserves are close to the record high reported in late 2011 at USD 321 billion.

Foreign currency assets (FCAs), a major constituent of the overall reserves, rose USD 648.7 million to USD 290.221 billion in the reporting week, the Reserve Bank said in its weekly statement here on Friday.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in reserves.

The gold reserves remained unchanged at USD 20.634 billion in the reporting week.

The special drawing rights were down USD 4 million to USD 4.463 billion, and the country's reserve position with the IMF also dipped USD 1.5 million to USD 1.717 billion in the period under review, the central bank said.--- PTI

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