This is the fifth 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 $1.34 billion and $1.83 billion in the previous two weeks. The government's stake sale in Axis Bank, a large part of which was bought by foreign funds, is among the major reasons for such a sharp jump in the forex reserves kitty.
According to the RBI's weekly statistical supplement, foreign currency assets - the biggest component of the forex reserves - rose by $5.01 billion to $276.40 billion. 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) rose by $30 million to $1.83 billion.
However, the value of special drawing rights (SDRs) fell by $3.6 million to $4.45 billion, while the value of gold reserves remained unchanged at $20.97 billion.