Thursday, October 11, 2012

India's Gold Bullion Reserve jumps to $26 Billion

India's Gold reserves surged to $26.24 billion at the end of August, climbed by a whopping $524.7million, said country's central bank, the RBI.

India's gold reserves remained unchanged for the past few months.

According to a Reserve Bank data country's foreign exchange reserves rose by $282.3 million to $290.46 billion on the back of a healthy increase in the gold reserves.

The total reserves had risen $1.26 billion to $290.18 billion in the previous reporting week.


Foreign currency assets, a major component of the forex reserves, were down by $252.4 million to $257.62 billion for the week ended August 31, the Reserve Bank said on Friday.

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

For the week under review, the special drawing rights (SDRs) were up by $16.2 million to $4.393 billion, while the country's reserve position with the IMF was down $22 million to $2.209 billion, the apex bank data showed. 

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