News Brief
India's Forex Reserves Rise By $6.396 Billion To All-Time High Of $642.492 Billion
Reserve Bank of India (RBI). (Ramesh Pathania/Mint via Getty Images)
India's foreign exchange reserves rose for the fourth straight week to hit an all-time high of $642.292 billion in the week ending on 15 March, according to the latest data released by the Reserve Bank of India (RBI).
During the week, the foreign exchange reserves rose by $6.396 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).
According to RBI’s weekly statistical data, India's foreign currency assets (FCA), the biggest component of the forex reserves, rose by $6.034 billion to $568.386 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.
The value of country’s gold reserves during the week rose by $425 million to $51.140 billion.
The SDR value increased by $65 million to $18.276 billion.
Meanwhile, the country's reserve position in the IMF decreased by $129 million to $4.689 billion.
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