Forex reserves increased to $294.812 billion

The increase in valuation of Gold in the IMF pulled the forex kitty higher during the reporting week

According to the latest press release from the Reserve Bank of India (RBI), the country’s forex reserves increased by $837.80 million to $294.812 billion during the week ended September 28, 2012. 

The increase in valuation of Gold in the IMF pulled the forex kitty higher during the reporting week.

Valuation of foreign currency assets decreased $1072.70 million in the week to $259.958 billion. This figure excludes investment worth Rs 4,160 crore/ $790 million invested in foreign currency denominated bonds issued by IIFC (UK). Foreign currency assets expressed in US dollar terms include the effect of appreciation /depreciation of non-US currencies (such as euro, sterling, yen) held in reserves.

The value of gold in the reserves increased $1893.50 million in the week to $28.132 billion during the week. This valuation includes Rs 31,460 crore ($6,699 million) reflecting the purchase of 200 metric tonne of gold from IMF on November 3, 2009.

SDRs’ (Special Drawing Rights) valuation decreased $9.50 million to $4.450 billion in the week. This valuation is inclusive of SDR 3,082.5 million (equivalent to $4,883 million) allocated under general allocation and SDR 214.6 (equivalent to $340 million) allocated under special allocation by International Monetary Fund (IMF) done on August 28, 2009 and September 9, 2009, respectively.

The country’s reserve position in the IMF further witnessed a rise of $26.50 million during the week ended September 28, 2012 to $2.270 billion. Reserve position in the IMF, i.e., Reserve Tranche Position (RTP) which was shown as a memo item from May 23, 2003 to March 26, 2004 has been included in the reserves from the week ended April 2, 2004 in keeping with the international best practice.