Forex reserves rise to $473 bn

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SME Times News Bureau | 14 Feb, 2020
India's foreign exchange reserves continued to rise during the week ended February 7 to touch a new record high.

The RBI's reserves rose by $1.70 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 $473 billion from $471.30 billion reported for the week ended January 31.

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, rose by $1.93 billion to $439.18 billion.

However, the value of the country's gold reserves declined by $218 million to $28.77 billion.

Similarly, the SDR value inched lower. It slipped by $2 million to $1.43 billion, while the country's reserve position with the IMF fell by $16 million to $3.59 billion.