The country's foreign exchange reserves have increased by $2.289 billion to $319.090 billion for the week ended July 29, according to the Weekly Statistical Bulletin released by the Reserve Bank of India.
The reserves have gone up for the second consecutive week. In the previous week ending July 22, reserves were up $2.294 billion to $316.801 billion.
Currency revaluation
The increase in reserves is mainly on account of currency revaluation. In the week under consideration, foreign currency assets went up by $1.634 billion to $286.160 billion.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, sterling and yen, held in reserves.
In the beginning of the same week, the value of the euro against the dollar moved from $1.437 to $1.429 on July 29. However, the euro had risen to $1.448 on July 27.
However, the country's reserve position at the International Monetary Fund in the week under review fell by $10 million to $2.972 billion. SDRs also saw a $16 million drop to $4.609 billion, while gold reserves were up $681 million to $25.349 billion.