INDIA FOREX RESERVES RISE TO $312.5 BILLION

After declining for two consecutive weeks, India's forex reserves rose by USD 203.2 million to USD 312.585 billion in the week to June 6 on the back of gain in currency assets. In the previous week, total reserves dropped by USD 273.8 million to USD 312.382 billion. Foreign currency assets (FCAs), a major constituent of the overall reserves, surged by USD 338.9 million to USD 285.630 billion in the period under review, Reserve Bank said in its weekly statement here today. 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, which remained unchanged for past many weeks, declined by at USD 175.4 million to USD 20.790 billion in the reporting week. The special drawing rights was up by USD 2.7 million to USD 4.452 billion, and the country's reserve position with the IMF rose by USD 37 million to USD 1.712 billion in the period under review, the central bank said.