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India's forex reserves rise to $298.63 billion

MUMBAI: India's foreign exchange (forex) reserves rose by $1.34 billion to $298.63 billion for the week ended March 21, Reserve Bank of India (RBI) data showed. 

This is the fourth consecutive week of increase in the country's forex reserves as overseas investors poured in money in local bonds and stock markets. 

The forex reserves had jumped by $1.83 billion for the week ended March 14. 

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose by $1.58 billion to $271.39 billion. 

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

The value of special drawing rights (SDRs) fell by $16.9 million to $4.46 billion during the week under review. 

India's reserve position with the International Monetary Fund (IMF) dropped by $214.7 million to $1.80 billion. 

The value of gold reserves remained unchanged at $20.97 billion. 

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