India’s forex reserves rises by over $2 billion

By Sarkaritel August 29, 2020 07:06

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Mumbai, Aug 29 India’s foreign exchange reserves jumped higher by $2.296 billion, during the week ended August 21.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves rose to $537.548 billion from $535.252 billion reported for the week ended August 14.

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 forex reserves, edged higher by $2.618 million to $494.168 billion.

However, the value of the country’s gold reserves fell by $331 million to $37.264 billion.

The SDR value rose by $2 million to $1.481 billion.

In addition, the country’s reserve position with the IMF increased by $6 million to $4.634 billion.