Business

India’s forex reserves rises to $429.91 bn

Mumbai, Jul 13 (IANS) | Publish Date: 7/13/2019 11:29:53 AM IST

India’s foreign exchange reserves increased by $2.232 billion during the week ended July 5, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves rose to $429.911 billion from $427.678 billion reported for the week ended June 28.

India’s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s reserve position with IMF.

On a weekly basis, FCAs - the largest component of the forex reserves - edged higher by $906.8 million to $400.808 billion.

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

The RBI’s weekly data showed that the value of the country’s gold reserves went up by $1.345 billion to $24.304 billion.

However, the SDR value slipped by $4.7 million to $1.451 billion, while the country’s reserve position with the IMF fell $15.3 million to $3.346 billion.

 

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