India's forex reserves rise to $312.5 billion

After declining for two consecutive weeks, India's forex reserves rose by $203.2 million to $312.585 billion in the week to June 6 on the back of gain in currency assets.

In the previous week, total reserves dropped by $273.8 million to $312.382 billion.

Foreign currency assets, a major constituent of the overall reserves, surged by $338.9 million to $285.630 billion in the period under review, Reserve Bank said in its weekly

statement in Mumbai on Friday.

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

The gold reserves, which remained unchanged for past many weeks, declined by at $175.4 million to $20.790 billion in the reporting week.

The special drawing rights was up by $2.7 million to $4.452 billion, and the country's reserve position with the International Monetary Fund rose by $37 million to $1.712 billion in the period under review, the central bank said.