India’s Forex reserves rise by 1.19 billion USD

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall Forex reserves rose to 422.53 billion USD from 421.33 billion USD reported for the week ended March 16.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF). 

Segment-wise, FCAs - the largest component of the Forex reserves -- increased by 1.13 billion USD to 397.29 billion USD during the week under review. 

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

In addition, the country’s gold reserves value rose by 52.7 million USD to 21.61 billion USD.

Similarly, the SDRs value increased. It inched up by 3 million USD to 1.54 billion USD, while the country’s reserve position with the IMF edged up by 4 million USD to 2.08 billion USD.