India’s forex reserve up $445mn

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Mumbai, Aug 31 (IANS) India’s foreign exchange (forex) reserves rose by $445.4 million during the week ended August 24, official data showed on Friday.

According to the Reserve Bank of India (RBI) weekly statistical supplement, the overall forex reserves edged higher to $401.29 billion from $400.85 billion reported for the week ended August 17.

India’s forex reserves comprise 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 — augmented by $386.6 million to $376.59 billion during the week under review.

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

Similarly, the value of the country’s gold reserves also increased. It rose by $35.7 million to $20.76 billion.

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As per the data, the SDRs’ value increased by $8.6 million to $1.47 billion, while the country’s reserve position with the IMF edged higher by $14.5 million to $2.46 billion.

–IANS

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