India's forex reserves rises to $280.17 bn

India's foreign exchange reserves shot up by $960.2 million to $280.17 billion on the back of a healthy rise in currency assets in the week ended July 26, Reserve Bank said.

The total reserves had slid by $985 million to $279.20 billion in the previous reporting week.

Foreign currency assets (FCAs), a major component of the forex reserves, were up by $914.1 million to $252.05 billion for the week under review, the apex bank said.

FCAs, expressed in US dollar terms, include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves.

During the week, the gold reserves were unchanged at $21.55 billion.

For the period under review, the special drawing rights (SDRs) were up by $30.8 million to $4.374 billion, while India's reserve position with the IMF was up by $15.3 million to $2.182 billion, the RBI data showed.