| Date: |
12-09-2011 |
| Subject: |
Indian Reserves Hit High Of $320.78b |
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Mumbai: India's foreign exchange (forex) reserves rose by $1.61 billion (Dh5.91 billion) to hit an all-time high of $320.78 billion for the week ended September 2 on the back of a nearly $3 billion jump in the value of gold reserves, official data showed.
It was the third consecutive week the forex reserves have risen. The reserves had increased by $955 million in the previous week.
The value of gold reserves soared by $2.97 billion to $28.32 billion, according to the weekly statistical supplement of the Reserve Bank of India (RBI).
Gold prices have risen sharply in the last month, leading to a sharp jump in the value of gold reserves. The gold price surged to an all-time high of $1,921.15 an ounce last week.
All other components of the forex reserves declined during the week under review.
Foreign currency assets, the biggest component of the forex reserves kitty, declined by $1.32 billion to $284.87 billion.
The value of special drawing rights declined by $24 million to $4.61 billion and reserves with the International Monetary Fund fell by $16 million to $2.97 billion.
Source : gulfnews.com
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