India's forex reserves up at $316.311 bn

India's forex reserves surged by $1.432 billion to $316.311 billion in the week to November 28 due to rise in foreign currency assets, RBI data showed on Friday.

In the previous week, reserves had declined by $672.4 million to $314.878 billion.

The foreign currency assets, a major constituent of overall reserves, increased by $1.424 billion to $290.822 billion, RBI said.

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

The country's gold reserves remained unchanged at $19.738 billion.

Special Drawing Rights (SDRs) increased by $ 6.4 million to $ 4.229 billion, while the country's reserve position with the IMF also rose by $ 2.5 million to $1.521 billion during the week, the RBI data showed.