Currency assets boost forex reserves to $631.9 bn
For the week ended March 4, the forex reserves posted a gain of $394 million to end at $631.92 billion, data from the RBI showed.
🗞️ Subscribe Now: Get Express Premium to access the best Election reporting and analysis 🗞️
During the previous week ended February 25, the foreign exchange — or forex — reserves had declined by $1.425 billion to $631.527 billion. In the reporting week, the gain in reserves was fuelled by a rise in the foreign currency assets (FCA).
FCA increased by $634 million to $565.466 billion in the week ended March 4, the Reserve Bank of India’s (RBI) weekly data released on Friday showed.
Gold reserves fell $147 million to $42.32 billion in the reporting week. The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell $59 million to $18.981 billion, the RBI said. India’s reserve position with the IMF decreased by $34 million to $5.153 billion in the reporting week, the data showed.