Friday, March 18, 2016

Forex reserves jump $2.54 billion to $353.40 billion

MUMBAI: Country's forex reserves rose for a second consecutive week, going up by a robust $2.544 billion to $353.408 billion as of March 18 on a healthy rise in the core currency assets, the Reserve Bank of India said today.

After falling for two straight weeks, the total reserves had risen massively by $4.075 billion to $350.86 billion at the end of the previous reporting week.

The foreign currency assets[3] (FCAs), a major component of overall reserves, increased by $2.524 billion to $329.999 billion in the reporting period, an RBI release said.

FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

Gold reserves were unchanged at $19.324 billion.

India's special drawing rights with the International Monetary Fund[4] (IMF) rose by $7.2 million to $1.486 billion, while the country's reserve position with the Fund went up by $12.7 million to $2.597 billion, the RBI said.



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