New Delhi: Foreign exchange reserves of the country rose for the first time in 5 weeks. The weekly statistical supplement released by Reserve Bank of India (RBI) showed this. As per RBI data, the forex reserves rose by $1.5 billion to $562.4 billion in the week ended March 3. The reserves stood at $560.94 billion in the week to February 24.
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.
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Foreign currency assets (FCA) climbed by $1.181 billion to $497.08 billion in the week ending March 3rd. Gold reserves surged by $282 million to $42.033 billion. The country’s reserve position in the IMF surged by $8 million to $5.107 billion in the week under review. The Special Drawing Rights (SDRs) dipped by $13 million to $18.174 billion.
India’s reserves were at an all-time high of $645 billion in October 2021.
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