India's forex reserves jump to $281 billion

India's foreign exchange reserves shot up for a third week in a row, adding a healthy $1.9 billion to touch $281.12 billion in the week to October 18 on account of growth in a key component, the Reserve Bank said.

In the previous reporting week, the reserves had increased by $1.51 billion to $279.24 billion.

Foreign currency assets (FCAs), which form the largest chunk of the reserves, jumped $1.8 billion to $252.7 billion in the week under review, the RBI said.

FCAs, expressed in 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.

The gold reserves remained unchanged at $21.765 billion in the week under review, while the special drawing rights increased by $25.6 million to $4.46 billion, according to RBI data.

India's reserve position with the IMF rose by $12.7 million to $2.205 billion, the data showed.