India’s forex reserves rise by over $3 billion

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Mumbai, Sep 5 (IANS) India’s foreign exchange reserves jumped higher by $3.883 billion during the week ended August 28.
According to the Reserve Bank of India’s weekly statistical supplement, the reserves rose to $541.431 billion from $537.548 billion reported for the week ended August 21.
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 $3.925 billion to $498.094 billion.
However, the value of the country’s gold reserves fell by $64 million to $37.200 billion.
The SDR value remained the same at $1.481 billion.
In addition, the country’s reserve position with the IMF increased by $22 million to $4.657 billion.

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