India’s forex reserves up $1.02 billion to $406.66 billion

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.03 billion to $378.80 billion.

India’s foreign exchange (forex) reserves increased by $1.02 billion during the week ended March 22, official data showed on Friday.

India’s forex reserves up $1.02 billion to $406.66 billion(PTI)

According to the Reserve Bank of India (RBI)’s weekly statistical supplement, the overall forex reserves rose to $406.66 billion from $405.63 billion reported for the week ended March 15.

India’s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.03 billion to $378.80 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

The RBI’s weekly data showed that the value of the country’s gold reserves was stagant at $23.40 billion.

The SDR value inched lower by $0.7 million to $1.46 billion, while the country’s reserve position with the IMF slipped by $1.5 million to $2.99 billion.