For the week ended September 12, India’s foreign exchange reserves climbed up by $650 million to touch $289.461 billion, as compared to $288.811 billion during the previous week. 

The recent rise in forex reserves was mainly because of changes in the value of foreign currencies.

According to the central bank’s weekly report, foreign currency assets rose by $676 million during the week to touch $280.302 billion as against $279.626 billion in the last week.

Foreign currency assets (FCAs), expressed in US dollar terms, comprise the outcome of appreciation or depreciation of non-US currencies including euro, sterling and yen held in reserves. 

The euro remained weak as compared to the dollar in the period under consideration. 

RBI also said that the gold reserves and SDRs remained static at $8.692 billion and $4 million respectively. 

The reserve position in the IMF fell $26 million to $463 million during the same week.