India's Foreign Exchange Reserves Rise By $233 Million To $582.271 Billion

India’s foreign exchange reserves jumped up by around $233 million during the week ending 19 March to $582.271 billion, reports Economic Times.

The forex reserves increased to $582.271 billion from $582.038 billion reported for the week ended 12 March.

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

According to the RBI’s weekly statistical supplement, on a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $157 million to $541.179 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.

Meanwhile, the value of the country’s gold reserves increased for the second consecutive week by $80 million to $34.631 billion.

In addition to these, India's reserve position with the IMF declined marginally by $1 million to 4.961 billion. Also, India's special drawing rights with the IMF reduced by $2 million to $1.499 billion.