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Last updated: 16 Aug, 2019  

Dollar.Investment.9.Thmb.jpg Forex reserves rise $1.62 bn to $430.57 bn

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SME Times News Bureau | 16 Aug, 2019

Foreign exchange reserves of the country increased by $1.62 billion during the week ended August 9, according to official data released on Friday.

According to the Reserve Bank of India's weekly statistical supplement, the overall forex reserves rose to $430.57 billion from $428.95 billion reported for the week ended August 2.

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 $15.2 million to $398.739 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

The RBI's weekly data showed that the value of the country's gold reserves went up by $1.59 billion to $26.75 billion.

Additionally, the SDR value rose by $6.7 million to $1.44 billion, while the country's reserve position with the IMF increased by $7 million to $3.636 billion.

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