India’s foreign exchange reserves rises by $3.615 bn

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Mumbai, Oct 24  India’s foreign exchange reserves rose $3.615 billion during the week ended October 16.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to $555.120 billion from $551.505 billion reported for the week ended October 9.

India’s forex reserves comprise of 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 forex reserves, edged higher by $3.539 billion to $512.322 billion.

Similarly, the value of the country’s gold reserves increased, by $86 million to $36.685 billion.

However, the SDR value stood flat at $1.480 billion, while the country’s reserve position with the IMF declined by $11 million to $4.634 billion.