India's forex reserves surge to $311.9 bn

India's foreign exchange reserves rose by $1.944 billion to $311.857 billion in the week ended May 2 on higher currency assets.

Last week, the total reserves rose by $499.8 million to $309.913 billion.

Foreign currency assets (FCAs), a major part of the overall reserves, surged $2.541 billion to $284.571 billion in the period, RBI said 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 its reserves.

The gold reserves dipped $601 million at $20.965 billion, as per the RBI data.

The special drawing rights increased $3 million to $4.480 billion, and the country's reserve position with the International Monetary Fund rose $1.2 million to $1.840 billion in the period, the RBI weekly data showed.