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Last updated: 18 May, 2019  

Dollar.Investment.9.Thmb.jpg Forex reserve rises to over $420 bn

Dollar.Investment.9.jpg
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SME Times News Bureau | 18 May, 2019

Foreign exchange reserves of the country increased by $1.368 billion during the week ended May 10, official data showed on Friday.

Reserve Bank of India's weekly data shows that the overall forex reserves rose to $420.055 billion from $418.687 billion reported for the week ended May 3.

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 $1.358 billion to $392.227 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 was stagnant at $23.021 billion.

However, the SDR value inched higher by $3 million to $1.454 billion, while the country's reserve position with the IMF inched up by $7 million to $3.351 billion.

 
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