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India’s Forex reserves rise by over $4 billion

FCAs -- the largest component of the Forex reserves -- increased by $3.02 billion to $396.76 billion during the week under review.

business Updated: Feb 10, 2018 08:47 IST
Indo Asian News Service
Indo Asian News Service
Indo Asian News Service, Mumbai
Forex reserves,Foreign exchange reserves,FCAs
A bank staff member counts Indian 500 rupee notes to give to customers on November 24, 2016. The Reserve Bank of India’s weekly statistical supplement showed the overall Forex reserves rose to $421.91 billion from $417.78 billion reported for the week ended January 26.(AFP File Photo)

India’s foreign exchange (Forex) reserves rose by $4.12 billion as on February 2, official data showed on Friday.

The Reserve Bank of India’s (RBI) weekly statistical supplement showed that the overall Forex reserves rose to $421.91 billion from $417.78 billion reported for the week ended January 26.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs -- the largest component of the Forex reserves -- increased by $3.02 billion to $396.76 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30% of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

Similarly, the country’s gold reserves value rose by $1.09 billion to $21.51 billion.

The SDRs value inched up by $3.2 million to $1.54 billion, while the country’s reserve position with the IMF rose by $4.3 million to $2.08 billion.

First Published: Feb 10, 2018 08:47 IST