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Wednesday, January 27, 2021

India’s forex reserves rise to over $430 bn

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India's forex reserves rise to over $430 bnMumbai, July 26 (IANS) India’s foreign exchange reserves increased by $1.578 billion during the week ended July 19, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves rose to $430.376 billion from $428.797 billion reported for the week ended July 12.

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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 $1.393 billion to $401.091 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

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The RBI’s weekly data showed that the value of the country’s gold reserves was stagnant at $24.304 billion.

However, the SDR value slipped by $3.3 million to $1.447 billion, whereas the country’s reserve position with the IMF rose $188.6 million to $3.533 billion.

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