Friday, March 25, 2016

Country's Forex reserves rise by $2.53 billion

SME Times News Bureau | 26 Mar, 2016
India's foreign exchange (Forex) reserves increased by $2.53 billion during the week ended March 18, official data showed on Friday.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the overall Forex reserves swelled by $2.53 billion to $355.94 billion.

The overall foreign exchange reserves had risen by $2.54 billion to touch $353.40 billion for the week ended March 11.

The foreign currency assets (FCA), which is the largest component of India's Forex reserves, increased by $2.50 billion to $332.50 billion during the week under review.

During the week ended March 11, the FCA had augmented by $2.52 billion to $329.99 billion.

Apart from the US dollar, the FCA consists of nearly 20-30 percent of other non-US dollar major global currencies, securities and bonds.

The individual movements of these currencies against the US dollar impac ts the overall foreign reserves value.

The country's gold reserves remained stagnant at $19.32 billion.

However, the special drawing rights (SDRs) gained by $12.1 million to $1.49 billion.

For the week ended March 11, the SDRs inched up by $7.2 million to $1.48 billion.

Similarly, the country's reserve position with the IMF (International Monetary Fund) edged higher by $21.1 million to $2.61 billion.

The reserve position with IMF had gained $12.7 million to $2.59 billion for the week ended March 11.

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