Forex reserves up by USD 3.88 billion

New Delhi, Mar 7 (KNN) According to the RBI's latest weekly statistical supplement, the Foreign exchange reserves have increased by US $3.88 billion to reach US $338.07 billion for the week that ended on Feb 27, 2015.
 

The data released by the Reserve Bank of India (RBI) also showed that the foreign currency assets have also ascended by US $3.90 billion to US $312.20 billion for the same week. The foreign currency assets happen to be the biggest component of the forex reserves.
 

The central bank in its release said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
 

With the opening up of FDI and ease of doing business in India, more and more foreign investors are pouring in their currencies in Indian markets helping the Reserve Bank of India to fill in their coffers.
 

The reserves have been consistently rising in the last five weeks, with the week before the reserves increasing by US $1.02 billion to reach US $334.19 billion. 
 

However, the country's reserve position with the International Monetary Fund (IMF) lowered by US $4.6 million to come down at US $1.63 billion, while the Gold reserves were static at US $20.18 billion. (KNN/VV).