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India’s Foreign Exchange Reserves Rise By $3.09 Billion To Reach All-Time High Of $476 Billion
The Reserve Bank of India (Credits: Times of India)
India's foreign exchange reserves continued to rise during the week ended 14 February to touch a new record high.
The Reserve Bank of India's reserves rose by $3.091 billion during the week under review, official data showed on Friday (21 January).
According to the RBI's weekly statistical supplement, the overall forex reserves increased to $476.092 billion from $473.94 billion reported for the week ended 7 February, reports Economic Times.
In the previous week, the foreign exchange reserves had increased by $1.701 billion to $473 billion.
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 $2.763 billion to $441.949 billion.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Similarly, the RBI's weekly data showed that the value of the country's gold reserves rose by $344 million to $29.123 billion.
However, the SDR value inched lower by $6 million to $1.430 billion. The country's reserve position with the IMF also declined by $9 million to $3.590 billion.
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