India's Foreign Exchange Reserves Rise By $2.734 Billion To $593.323 Billion

by Swarajya Staff - Jul 2, 2022 09:41 AM +05:30 IST
India's Foreign Exchange Reserves Rise By $2.734 Billion To $593.323 BillionRBI headquarters in Mumbai. (INDRANIL MUKHERJEE/AFP/Getty Images)

India's foreign exchange reserves increased by $2.734 billion to $593.323 billion for the week ended 24 June, ending the steady depletion of reserves for the previous three weeks.

In the previous reporting week, the overall reserves had declined by $5.87 billion to USD 590.588 billion.

In the week ended 24 June, the forex reserves swelled due to an increase in Foreign Currency Assets (FCAs), a major component of the overall reserves, and also in gold reserves.

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).

FCAs increased by $2.334 billion to $529.216 billion, according to the Weekly Statistical Supplement released by RBI.

Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Meanwhile, the value of the gold reserves surged by $342 million to $40.926 billion.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) edged higher by $55 million to $18.21 billion for the week ended 17 June.

Similarly, the country's reserve position with IMF increased by $3 million to USD 4.97 billion in the reporting week.

(With inputs from PTI)

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