India's Foreign Exchange Reserves Rise By $689 Million To 584.554 Billion

India's Foreign Exchange Reserves Rise By $689 Million To 584.554 BillionReserve Bank of India (RBI) logo on the main entrance gate of the RBI headquarters in Mumbai (INDRANIL MUKHERJEE/AFP/Getty Images)

India’s foreign exchange reserves jumped up by $689 million during the week ending 26 February, reports Moneycontrol.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $584.554 billion from $583.865 billion reported for the week ended 19 February.

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).

On a weekly basis, FCAs, the largest component of the forein exchange reserves, edged higher by $592 million to $542.421 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 the country’s gold reserves increased by $172 million to $35.421 billion.

In addition to these, the nation's reserve position with the IMF edged marginally lower to $5.001 billion, while India's special drawing rights with the IMF increased marginally by $9 million to $1.517 billion.