This is the first time that the reserves have increased after two consecutive weeks of fall.

The reserves had fallen by USD 273.8 million to USD 312.38 billion for the week ended May 30.Before that it had declined by USD 2.26 billion to USD 312.65 billion for the week ended May 23.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, grew by USD 338.9 million to USD 285.63 billion in the week under review.

The foreign currency assets had decreased by USD 269.3 million to USD 285.29 billion for the week ended May 30.

The RBI said the 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.

India's reserve position with the International Monetary Fund (IMF) increased by USD 37 million to USD 1.71 billion.

The value of special drawing rights (SDRs) also grew. The SDRs were up USD 2.7 million to USD 4.45 billion.

However, the value of gold reserves fell in the period under review. The reserves were stagnant at USD 20.96 billion since May 2. The gold reserves declined by USD 175.4 million at USD 20.79 billion.


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