India’s forex reserves rise over $5 billion

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Mumbai, April 5 (IANS) India’s foreign exchange (forex) reserves increased by $5.23 billion during the week ended March 29, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall forex reserves rose to $411.90 billion from $406.66 billion reported for the week ended March 22.

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 $5.24 billion to $384.05 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 $23.40 billion.

However, the SDR value inched lower by $3.6 million to $1.45 billion, while the country’s reserve position with the IMF slipped by $7.4 million to $2.98 billion.



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