India’s forex reserves at $426.416 billion

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Mumbai:  India’s foreign exchange reserves increased by $4.215 billion during the week ended June 21, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves rose to $426.416 billion from $422.200 billion reported for the week ended June 14.

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 $4.202 billion to $398.649 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 $22.958 billion.

However, the SDR value rose by $4.2 million to $1.453 billion, while the country’s reserve position with the IMF gained $9.6 million to $3.354 billion.

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