India’s forex reserves rise by over $116 mn

Reserve Bank of India.

India’s foreign exchange (forex) reserves rose by $116.4 million during the week ended December 28, official data showed on Friday.

According to the Reserve Bank of India (RBI)’s the weekly statistical supplement, the overall forex reserves increased to $393.404 billion from $393.287 billion reported for the week ended December 21.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s position with the International Monetary Fund (IMF).

FCAs, the largest component of the forex reserves, edged higher by $106.3 million to $368.07 billion during the week ended December 28.

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

The RBI’s weekly data showed that the value of the country’s gold reserves was stagnant at $21.22 billion.

Similarly, the SDR value went up by $3.6 million to $1.46 billion, while the country’s reserve position with the IMF increased by $6.5 million to $2.64 billion.