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India’s forex reserves rise by USD 1 billion to USD 367.14 billion

India’s forex reserves rise by USD 1 billion to USD 367.14 billion

Mumbai :India’s forex reserves rose by USD 1 billion to USD 367.14 billion for the week ended October 21 on the back of increase in the core currency assets, the Reserve Bank said on Friday.

Total reserves had dipped by USD 1.506 billion to USD 366.139 billion in the previous reporting week, after touching a life-time high of USD 371.99 billion in the week to September 30, 2016.

In the reporting week, foreign currency assets (FCAs), a major component of the overall reserves, increased by USD 1.015 billion to USD 341.923 billion.

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

Gold reserves remained steady at USD 21.406 billion, the apex bank said.

The special drawing rights with the International Monetary Fund declined by USD 5.4 million to USD 1.463 billion, while India’s reserve position with the Fund dipped by USD 8.8 million to USD 2.347 billion, the apex bank said.

IANS