India forex reserves rise to $312.73 billion

After falling for five straight weeks, the country's reserves rose by whopping $1.309 billion to $312.737 billion in the week to October 10, on account of rise in foreign currency assets, according to data released by the RBI.

In the previous week, reserves had plunged $2.754 billion to $311.427 billion.

In the week to July 25, 2014, the reserves had touched $320.56 billion, an inch away from the life-time high of $320.79 billion on September 2, 2011.

The foreign currency assets, a major constituent of overall reserves, increased by $1.297 billion to $286.885 billion, RBI said.

Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and yen held in reserves.

The country's gold reserves remained unchanged at $20.013 billion.

Special Drawing Rights (SDRs) were up $9.3 million to $4.293 billion, while the country's reserve position with the IMF rose $3.3 million to $1.544 billion during the week, the RBI data showed.