Forex reserves up for 7th straight week, kitty at $317.85 bn.

​KOLKATA: India's foreign exchange reserves have risen by $813 million for the week to June 18 as the Reserve Bank of India bought dollars from the foreign exchange market.

This is the seventh consecutive weeks that the country's forex reserves have risen to $317.850 billion, inching closer to a record high of $321 billion seen two years back.

Accumulation of reserves help central banks in preventing volatility in the forex market when foreign funds investors pull out their investment from local markets.

Foreign currency assets, the major contributor to reserves, rose $829 million to $291.051 billion, the central bank said.

Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, pound and yen.

Gold reserve with RBI remained static at $20.635 billion.

Source : economictimes.indiatimes.com