Forex reserves stood at $315.910 billion for the week ended October 31, 2014

According to the latest press release from the Reserve Bank of India (RBI), the country’s forex reserves increased by $1732.20 million to $315.910 billion during the week ended October 31, 2014. The increase in valuation of Foreign Currency Assets in the IMF pulled the forex kitty higher during the reporting week. Valuation of foreign currency assets increased by $2033.70 million in the week and stood at $290.365 billion, while the value of gold in the reserves decreased by 275.00 million to $19.738 billion during the week. SDRs’ (Special Drawing Rights) valuation decreased by $19.50 million and stood at $4.270 billion in the week. This valuation is inclusive of SDR 3,082.5 million (equivalent to $4,883 million) allocated under general allocation and SDR 214.6 million (equivalent to $340 million) allocated under special allocation by International Monetary Fund (IMF) done on August 28, 2009 and September 9, 2009, respectively. The country’s reserve position in the IMF further witnessed a drop of $7.00 million during the week ended October 31, 2014 to $1.535 billion. Reserve position in the IMF, i.e., Reserve Tranche Position (RTP) which was shown as a memo item from May 23, 2003 to March 26, 2004 has been included in the reserves from the week ended April 2, 2004 in keeping with the international best practice.