The country?s foreign exchange reserves rose $2.27 billion to $266.2 billion for the week ended July 17, the Reserve Bank of India (RBI) said in its weekly statistical supplement released on Friday.
While foreign currency assets increased $2.27 billion to $255.1 billion, gold reserves were unchanged at $9.8 billion, the RBI said.
Special drawing rights with the International Monetary Fund were unchanged at $1 million, while its reserves with the IMF increased $5 million to $1.25 billion. Foreign exchange reserves declined $40.9 billion, in the past year, the bank said. Reserves constitute of overseas currencies, gold and special drawing rights with the IMF.
According to Bloomberg data, the rupee has advanced 1.1% during the week to 48.23 against the dollar at the close. Indian shares closed up about 1% as optimism about corporate earnings outlook drew investors after a spate of results beat market expectations. Foreign funds have bought a net of $6.5 billion of Indian stocks this year, according to data provided by the Sebi.
Meanwhile, during the fortnight, bank loans have risen Rs 28,532 crore for the two weeks ended 3 July, 2009.