India’s forex reserves rise to over $457 bn

Mumbai, Jan 3 (IANS) India’s foreign exchange reserves continued to rise during the week ended December 27 to touch a new record high.
The Reserve Bank of India’s reserves rose by $2.52 billion during the week under review, official data showed on Friday.
According to the RBI’s weekly statistical supplement, the overall forex reserves increased to $457.46 billion from $454.94 billion reported for the week ended December 20.
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, edged higher by $2.20 billion to $424.93 billion.
Similarly, the RBI’s weekly data showed that the value of the country’s gold reserves rose by $260 million to $27.39 billion.
However, the SDR value inched lower by $2 million to $1.44 billion, while the country’s reserve position with the IMF increased by $58 million to $3.70 billion.

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