Mumbai: Foreign exchange reserves of the country edged higher for second consecutive week. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. As per RBI data, the forex reserves touched a 9-month high.
India’s forex reserves rose by $1.657 billion to $586.412 billion as of April 14. In the previous reporting week, the overall reserves rose by $6.306 billion to $584.755 billion.
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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 increased by $2.204 billion to $516.635 billion. Gold reserves dropped by $521 million to $ 46.125 billion. The Special Drawing Rights (SDRs) were down by $38 million to $18.412 billion. The country’s reserve position with the IMF was up by $12 million to $5.19 billion in the reporting week.
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