India’s Forex Reserves rises to over $430-bn

India’s Forex Reserves rises to over $430-bn

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.

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.

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.

ANI