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Mumbai, May 30 The country’s foreign exchange reserves surged by $2.090 billion to touch $316.17 billion for the week ended May 23.

This is the third consecutive week that the forex reserves have seen an increase. In these three weeks, the reserves have gone up by $3.671 billion.

According to the RBI’s Weekly Statistical Supplement, the foreign currency assets increased by $2.085 billion to $306.203 billion.

Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling, yen) held in reserves.

The chief forex dealer at a private bank said that the increase in the reserves could have been a revaluation effect since there has not been much of capital flows during the week in question.

The euro strengthened from $1.5487 against the dollar to $1.5554 during the week. The yen also slightly rose from 104.37 yen to 104.04 yen.

Gold reserves and SDRs were unchanged at $9.427 billion and $11 million, respectively. The country’s reserve position in the IMF increased $5 million to $530 million.

Forex dealers said that the rupee is likely to be in the range of 42.35-42.75 in the next week.

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