Mumbai: The foreign exchange reserves of the country surged by $ 2.198 billion to $631.953 billion for the week ended February 4. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this. As per the RBI, the surge in the foreign currency assets has supported the upward rally of forex reserves.
The foreign exchange reserves of the country comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF). FCA surged by $ 2.251 billion to $ 568.329 billion. FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
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India’s special drawing rights (SDRs) with the IMF rose by $ 98 million to $ 19.108 billion Country’s reserve position with the IMF rose by $ 59 million to $ 5.233 billion. The value of India’s gold reserves declined by $ 210 million to $ 39.283 billion.
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