India’s forex reserves rise by over $6 bn

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India’s foreign exchange reserves rose by $6.842 billion during the week ended June 4.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $605.008 billion from $598.165 billion reported for the week ended May 28.

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

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $7.362 billion to $560.890 billion.

However, the value of the country’s gold reserves dropped by $502 million to $37.604 billion.

Similarly, the SDR value fell by $1 million at $1.513 billion.

Besides, the country’s reserve position with the IMF inched lower by $16 million to $5 billion.

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