India’s foreign reserves rise to $352 billion, reports RBI

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India’s foreign exchange (Forex) reserves rose by $631.5 million to $352.02 billion in the week ended 18 September, official data showed on Friday.

The reserves gained by $2.35 billion to rise to $351.38 billion in the week ended 11 September. However, the reserves had declined by $2.88 billion in the week ended 4 September to $349.03 billion.

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Furthermore, the data furnished by the RBI in its weekly statistical supplement showed that the foreign currency assets had risen by $592.7 million to $328.56 billion in the week under review.

The FCA constitutes the largest component of forex reserves. It consists of US dollars, non-dollar currencies, securities and bonds bought abroad.

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The RBI was quoted in its statistical supplement, “The FCA expressed in US dollar terms, includes the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.”

During the week under review, the country’s gold reserves remained stagnant. The country’s gold reserves had depleted by $214.8 million at $18.03 billion during the week ended 4 September.

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The special drawing rights in the week under review were higher by $29.3 million at $4.09 billion.

The country’s reserve position with the International Monetary Fund edged up by $9.5 million to $1.32 billion.

(IANS)

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