India’s forex reserves rises by over $2.8 bn

India’s foreign exchange reserves rose by $2.865 billion during the week ended May 21.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $592.894 billion from $590.028 billion reported for the week ended May 14.

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

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.649 billion to $548.519 billion.

Similarly, the value of the country’s gold reserves gained by $1.187 billion to $37.841 billion.

Besides, the SDR value gained by $7 million at $1.513 billion.

On the same note, the country’s reserve position with the IMF inched higher by $22 million to $5.021 billion.