Mumbai, Jan 22 (IANS): India's foreign exchange (forex) reserves increased by $3.4 billion to $297.41 billion for the week ended Jan 14 on the back of rise in the value of foreign currency assets.

The foreign currency assets, the biggest component of the forex reserves kitty, rose by $3.30 billion to $267.86 billion during the week under review from $264.56 billion in the previous week, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as British pound sterling, euro and Japanese yen held in reserves.

The value of Special Drawing Rights (SDRs) increased by $73 million to $5.10 billion and reserves with the International Monetary Fund (IMF) increased by $28 million to $1.98 billion for the week ended Jan 14.

However, the value of gold reserves remained unchanged at $22.47 billion.