The spike in reserves was due to a rise in foreign currency assets, a major component of the overall reserves. In the reporting week, foreign currency assets rose by $2.045 billion to $387.149 billion.
Expressed in the US dollar terms, the foreign currency assets include the effect
of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves. After remaining steady for the past few weeks, gold reserves declined marginally by $294.4 million to $20.421 billion, the central bank said. The special drawing rights with the International Monetary Fund rose by $3.2 million to $1.514 billion. The country's reserve position with the Fund also rose by $4.2 million to $2.039 billion, the RBI said.
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