The reserves had increased by USD 3.88 billion to USD 338.07 billion for the previous week ended February 27. In the week ended February 20 the reserves were up by USD 1.02 billion to USD 334.19 billion.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, however, rose USD 122.4 million at USD 312.32 billion in the week under review.

The foreign currency assets had risen by USD 3.90 billion at USD 312.20 billion for the previous week ended on February 27. The foreign currency assets were up by USD 1.04 billion at USD 308.29 billion in the week ended on February 20.

The RBI 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.

India's reserve position with the International Monetary Fund (IMF) in the week ended on March 6 decreased by USD 17.9 million and stood at USD 1.61 billion.

The value of special drawing rights (SDRs) was lower by USD 44.6 million in the week under review at USD 4.02 billion. Gold reserves for the week under review plunged by USD 346.2 million and stood at USD 19.83 billion.

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