India’s forex reserve rises over $4 billion

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Mumbai, May 3 (IANS) India’s foreign exchange (forex) reserves increased by $4.368 billion during the week ended April 26, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves rose to $418.515 billion from $414.147 billion reported for the week ended April 19.

India’s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $4.387 billion to $390.421 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

The RBI’s weekly data showed that the value of the country’s gold reserves was stagnant at $23.303 billion.

However, the SDR value inched lower by $5.9 million to $1.449 billion, while the country’s reserve position with the IMF slipped by $13.6 million to $3.341 billion.

–IANS

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