Forex reserves surge by $1.40 bn in the last week: RBI

The Dollar Business Bureau

India’s Forex (foreign exchange) reserves surged by $1.407 billion and reached $363.351 billion in the week closed on July 15 due to rise in the foreign currency assets (FCAs), Reserve Bank of India (RBI) said on Friday.

In the last week, the Forex reserves had dropped to $361.943 billion, a decline of $1.228 billion.

A key component of the reserves, FCAs increased by $1.404 billion to reach at $338.897 billion in the given week, revealed the data by RBI.

FCAs are measured in terms of dollar and include the consequence of appreciation or depreciation of currencies other than US dollars such as pound, euro and yen, kept in the reserves.

The country’s reserves of gold remained unaffected at $20.576 billion.

The special drawing rights of India with the IMF (International Monetary Fund) rose by $1.4 million to $1.485 billion, whereas the reserve position increased by $2.3 million to $2.391 billion, the central bank said.

The country’s overall foreign exchange reserves reached the $360 billion mark at the end of March this year, an increase of $18 billion compared to the last year's levels, as per the RBI data.