Mumbai, Nov 8 (IANS): India's foreign exchange reserves grew by $1.73 billion to $315.91 billion for the week ended Oct 31, Reserve Bank of India (RBI) data showed.

The reserves had grown by $495.5 million to $314.17 billion for the week ended Oct 24.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose by $2.03 billion at $290.36 billion in the week under review.

The foreign currency assets had increased by $532.2 million at $288.33 billion in the previous week.

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

India's reserve position with the International Monetary Fund (IMF) was down $7 million to $1.53 billion.

The value of special drawing rights (SDRs) was lower by $19.5 million at $4.27 billion.

The value of gold reserves was static since Oct 3 at $20.01 billion, declined by 275 million at $19.73 billion for the week ended Oct 31.