Forex reserves rise $954.6 mn to $294.3 bn

The country's foreign exchange reserves rose by $954.6 million to $294.36 billion on account of gains in the value of gold reserves, the Reserve Bank said on Friday. In the previous reporting week, the reserves had dipped by $383.7 million to $293.41 billion. After remaining unchanged for multiple weeks, the gold reserves surged by $902.3 million to $20.978 billion for the week neded February 28, the Reserve Bank said on Friday. Foreign currency assets (FCAs), a major part of the overall reserves, increased by $33.6 million to $266.90 billion for the week ended February 28. 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 special drawing rights also rose by $13 million to $4.468 billion, while the country's reserve position with the IMF increased by a $5.7 million to $2.011 billion, the apex bank said. Source :  http://businesstoday.intoday.in/story/forex-reserves-in-feb-28-week-rbi/1/204078.html