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.
Business | Markets
Indian reserves hit high of $320.78b
It was the third consecutive week the forex reserves have risen
- IANS
- Published: 00:00 September 12, 2011
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 others decline
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.
Business Editor's choice
-
Gold buying loses its sheen in UAE
Local trade braces for subdued month as buyers wait for gold prices to slip further
-
Mideast investors prefer to keep money home
They scrutinise wealth managers more and are actively overseeing their assets
-
Cyprus returns to holiday island mode
The government has since put the priority on tourism, long a major money earner, as an anchor for the economy