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India’s forex reserves up by $5.69 bn

India’s forex reserves up by $5.69 bn

Mumbai: India’s foreign exchange reserves made healthy gains of $5.69 billion during the week ended March 6.

According to the RBI’s weekly statistical supplement, the overall forex reserves, which are already at a record high, increased to $487.23 billion from $481.54 billion reported for the week ended February 28.

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, rose by $5.31 billion to $451.13 billion.

Similarly, the value of the country’s gold reserves rose. It increased by $320 million to $31 billion.

The SDR value inched-up by $15 million to $1.44 billion, while the country’s reserve position with the IMF gained by $50 million to $3.65 billion.

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