Mumbai: The foreign exchange reserves of the country surged by more than $2.735 billion in the week ending June 24. The weekly statistical supplement data released by the Reserve Bank of India revealed this.
The forex reserves slipped down for three weeks in row before that and touched an all-time low. Forex reserves declined by $5.87 billion to $590.588 billion in the week ending June 17. It was at $596.458 billion in the week ending June 10. Over the last three weeks the forex reserves has fallen by $10.785 billion.
The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). 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.
The foreign currency assets (FCA) rose by $2.334 billion to $529.216 billion. Gold holdings rose by $342 million to $40.926 billion. The Special Drawing Rights (SDRs) of the International Monetary Fund (IMF) rose by $55 million to $18.21 billion. India’s reserve position with the IMF surged by $3 million to USD 4.97 billion.
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