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 ...
India's forex reserves rise 3.3%, covering 12 months of imports
The Dollar Business Bureau According to RBI's half-yearly report, India's foreign exchange reserves increased from $360.2 billion at the end of March, 2016 to $372 billion at the end of September 2016, an improvement of 3.3%, leading to the import cover to increase to 12 months from 10.9 months in March 2016. Among the FCAs (Foreign Currency Assets), gold, SDRs (Special Drawing Rights) and RTP (Reserve Tranche Position), the major contribution in forex reserves comes from FCA. FCA reserves rose from $336 billion (March 2016) to $346.7 billion (September 2016), a 3.2% increase. Of the total FCA reserve, $229 billion was invested in securities, $95.7 billion was deposited with other central banks (BIS and the IMF) and remaining $22.0 billion was deposited with overseas branches of commercial ...
Indias forex reserve at all-time high of $365.82 bn
The Dollar Business Bureau Foreign exchange reserves of India were increased by $73.2 million to reach an all-time high of $365.82 billion in the week closed on August 12, supported by a surge in the foreign currency assets, the Reserve Bank of India (RBI) said on Friday. In the week earlier, the foreign exchange reserves had surged by $253.6 million to reach 365.75 billion. Foreign currency assets (FCAs), a key component of the total reserves, were increased by $81.6 million to reach $340.36 billion. Gold reserves remain unaffected at $21.58 billion. Expressed in terms of dollars, FCAs take account of the impact of depreciation and appreciation of non-US currencies like pound, euro and yen, held in the reserves. India’s special drawing rights with IMF (International ...
Indias foreign currency reserves go up, to cover import bills over 8 months
The Dollar Business Bureau India’s foreign currency reserve has increased from $313.84 billion to $341.64 billion in the past six months, which is enough to cover the country’s import bills up to 8.9 months. “At the end of March 2015, the import cover increased to 8.9 months from 8.1 months at end-September 2014,” the Reserve Bank of India said in its half-yearly report on the Management of Foreign Exchange Reserves released on Tuesday. The import cover indicates the country’s total foreign currency asset (FCA). The reserve was able to cover only 7.8 months of import at end-March 2014 and 6.6 months at end-September, 2013. Change in the FCA occurs mainly due to purchases and sales of foreign exchange by the central bank ...
