Forex reserves up by $889.4 mn to $369.887 bn in last week

The Dollar Business Bureau

Foreign exchange (forex) reserves of India surged by $889.4 million and reached $369.887 billion in the week ended on April 14, supported by a rise in the foreign currency assets, said the Reserve Bank of India (RBI).

The forex reserve had dropped by $956.4 million to $368.998 billion in the preceding week.

The reserves had reached an all-time high of $371.99 billion during the week ended on September 30, last year.

Foreign currency assets (FCAs), a key component in the total reserves, rose by $881 million and reached $346.248 billion in the given week, said RBI.

FCAs, expressed in terms of US dollar, include the impact of depreciation/appreciation of the non-US currencies, like pound, euro and yen, which are held in reserves.

The reserves of gold remained constant at $19.869 billion, said the central bank.

The special drawing rights (SDR) with the IMF (International Monetary Fund) were increased by $3.1 million to $1.446 billion.

The country’s reserve position with the IMF also surged by $5.3 million to $2.323 billion, said RBI.