India’s Forex reserves surge by $1.25 bn

Views: 13

Mumbai, April 28 (IANS) India’s foreign exchange (Forex) reserves rose by $1.25 billion as on April 21, 2017, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall Forex reserves increased to $371.13 billion from $369.88 billion reported for the week ended April 14.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold, 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 $1.23 billion to $347.48 billion during the week under review.

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

The country’s gold reserves were stagnant at $19.86 billion.

However, SDRs’ value gained $5 million to $1.45 billion. The country’s reserve position with the IMF inched higher by $7.7 million to $2.33 billion.

–IANS

rv/vt

Comments: 0

Your email address will not be published. Required fields are marked with *