Forex reserves cross USD 275 bn mark, rise to USD 2.8 bn

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Mumbai, Jan 5 (UNI) After two successive weeks of dipping in December, India's foreign exchange reserves crossed the level of 275 billion US Dollar by the end of 2007.

The forex reserves grew by USD 2.837 billion to USD 275.559 billion largely on account of increase in the foreign currency assets in the week ended December 28, according to the Reserve Bank's weekly statistical supplement.

The forex reserves had dipped successively in previous two weeks by USD 232 million and by USD 599 million respectively.

The Foreign Currency Assets (FCAs), in the last week of 2007, had increased by USD 2.833 billion to USD 266.767 billion from USD 263.934 billion a week ago. FCAs expressed in US dollar terms included the effect of appreciation or depreciation of other currencies such as the euro, pound sterling and yen, held in its reserves, the RBI statement said.

Country's reserve position in the International Monetary Fund (IMF) increased by USD 4 million to USD 432 million during the week.

However, the Gold reserves and Special Drawing Rights (SDRs) remained unchanged at USD 8.357 billion and USD 3 million respectively, it added.


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