India’s Forex reserves surge by $889 mn

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Mumbai, April 21 (IANS) India’s foreign exchange (Forex) reserves rose by $889.4 million as on April 14, 2017, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall Forex reserves increased to $369.88 billion from $368.99 billion reported for the week ended April 7.

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 $881 million to $346.24 billion during the week under review.

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

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

However, SDRs’ value gained $3.1 million to $1.44 billion. The country’s reserve position with the IMF inched higher by $5.3 million to $2.32 billion.



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