India's forex reserves up $2.68 billion

India's forex reserves up $2.68 billion

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Forex|New Delhi: Prime Minister and BJP leader Narendra Modi and party president Amit Shah with party leaders Nitin Gadkari, Shivraj Singh Chauhan, Arun Jaitley and Murli Manohar Joshi during the party's two-day long National Council meeting at Ramlila Maidan in New Delhi, on Jan 11, 2019. (Photo: IANS)|BJP|Gurmeet Ram Rahim|Bengaluru: Infosys COO U.B. Pravin Rao, CEO Salil Parekh and CFO Jayesh Sanghrajka during a press conference to announce the financial results for the third quarter of fiscal 2018-19, in Bengaluru on Jan 11, 2019. (Photo: IANS)|Petta|Swearing-in ceremony in Gujarat|Dubai: Congress President Rahul Gandhi addresses the members of Indian Business and Professional Council, in Dubai, UAE, on Jan 11, 2019. (Photo: IANS/Congress)|Trump

Mumbai, (IANS): India's foreign exchange (forex) reserves rose by $2.68 billion during the week ended January 4, official data showed on Friday. According to the Reserve Bank of India (RBI)'s weekly statistical supplement, the overall forex reserves increased to $396.08 billion from $393.40 billion reported for the week ended December 28. India's forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, special drawing rights (SDRs) and India's position with the International Monetary Fund (IMF). FCAs, the largest component of the forex reserves, edged higher by $2.21 billion to $370.29 billion during the week ended January 4. Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies. The RBI's weekly data showed that the value of the country's gold reserves rose by $465.5 million to $21.68 billion. However, the SDR value slipped by $0.1 million to $1.46 billion, while the country's reserve position with the IMF inched lower by $0.1 million to $2.63 billion.

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