Mumbai: India's foreign exchange reserves climbed by USD 2.48 billion to $306.84 billion for the week ended Dec 2, rising for the first time in five weeks due to an increase in the value of foreign currency assets and gold reserves, official data showed.

This is the first time in the last five weeks the forex reserves kitty has registered a gain. The kitty had dropped by over $16 billion in the previous four weeks.

They had dropped by USD 4.26 billion and $5.71 billion respectively in the previous two weeks.

Foreign currency assets, the biggest component of the forex reserves kitty, increased by USD1.31 billion to $271.69 billion for the week ended Dec 2, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

The RBI does not provide any reason for the change in the foreign currency assets.

It says the 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.

The value of gold reserves climbed by USD1.14 billion at USD28.04 billion.

India's reserves with the International Monetary Fund (IMF) increased by USD7 million to USD2.61 billion and the value of special drawing rights (SDRs) rose by USD12 million to USD4.50 billion.

Agencies