India’s Forex reserve rises by over $500 mn

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Mumbai, April 13 (IANS) India’s foreign exchange (Forex) reserves increased by $503.6 million as on April 6, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall Forex reserves rose to $424.86 billion from $424.36 billion reported for the week ended March 30.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — increased by $657.7 million to $399.77 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

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However, the country’s gold reserves value declined by $130.7 million to $21.48 billion.

In addition, the SDRs’ value inched lower by $10 million to $1.53 billion, while the country’s reserve position with the IMF came down by $13.4 million to $2.07 billion.



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