The forex reserves have soared past 300 billion USD mark for the first time since December 2011. This is the sixth consecutive week of increase in the country's forex reserves as overseas investors poured in money in local bonds and stock markets.

The forex reserves had risen by 5.03 billion USD and 1.34 billion USD in the previous two weeks. According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose by 2.39 billion USD to 278.80 billion USD.

RBI said that foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen.

However, the value of special drawing rights (SDRs) fell by 10.3 million USD to 4.44 billion USD.

India's reserve position with the International Monetary Fund (IMF) fell by 4.3 million USD to 1.82 billion USD.

The value of gold reserves grew by 558.8 million USD at 21.56 billion USD.

(Agencies)

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