India’s forex reserves rise by $689 mn

Mumbai, March 5 : India’s foreign exchange reserves rose by $689 million during the week ended February 26.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $584.554 billion from $583.865 billion reported for the week ended February 19.

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

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $509 million to $542.615 billion.

However, the value of the country’s gold reserves rose by $172 million to $35.421 billion.

Besides, the SDR value stood higher by $9 million at $1.517 billion.

Nonetheless, the country’s reserve position with the IMF remained to $5.001 billion.


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