India's Foreign Exchange Reserves Rise By Nearly $6 Billion To Over $578 Billion

In a second consecutive weekly increase, India's foreign exchange reserves rose $5.977 billion to $578.778 billion in the week ended March 24, the Reserve Bank of India said on Friday.

In the previous reporting week, the forex reserves had risen by $12.8 billion to $572.8 billion.

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

For the week ended 24 March, the foreign currency assets (FCAs), a major component of the reserves, increased by $4.38 billion to $509.728 billion, according to the Weekly Statistical Supplement released by the RBI.

Meanwhile, the value of the country's gold reserves increased by $1.37 billion to $45.48 billion.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) edged higher by $201 million to $18.419 billion.

The country's reserve position with the IMF was also up by $27 million to $5.151 billion in the reporting week, according to the RBI data.