Forex reserves up $2.68 bn to $396 bn

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SME Times News Bureau | 11 Jan, 2019
Foreign exchange (forex) reserves of India rose by $2.68 billion during the week ended January 4, RBI data showed on Friday.

According to the Reserve Bank of India (RBI), 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.