Forex reserves increase by $1.62 billion

The foreign currency reserves surged by $1.607 billion to $295.047 billion for the week ended February 24, after a modest rise in the earlier week. In the earlier week, forex reserves had increased by $55.8 million to $293.439 billion

The increase in reserves was mainly on account of currency revaluation.

According to the Reserve Bank of India's Weekly Statistical Supplement, foreign currency assets, in the week under review, increased by $1.567 billion to $261.101 billion. Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, sterling, yen held in reserves.

Gold was unchanged at $26.727 billion.

SDRs increased by $25.3 million to $4.480 billion and the country's reserves in the IMF increased by $15.2 million to $2.737 billion.