India’s forex reserves rise by over $3 bn

Mumbai, April 24 (IANS) India’s foreign exchange reserves rose by $3.09 billion during the week ended April 17, RBI data showed.

According to the RBI’s weekly statistical supplement, the overall forex reserves increased to $479.56 billion from $476.47 billion billion reported for the week ended April 10.

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

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.54 billion to $441.88 billion.

Similarly, the value of the country’s gold reserves increased by $1.54 billion to $32.67 billion. In addition, the SDR value rose by $3 million to $1.42 billion, but the country’s reserve position with the IMF remained flat at $3.57 billion.