India's forex reserves inch up to $476 bn

Source : IANS
Last Updated: Sat, Feb 29th, 2020, 14:56:27hrs
India's forex reserves inch up to $476 bn

Mumbai: India's foreign exchange reserves were flat with a slight rise of $29 million during the week ended February 21.

According to the RBI's weekly statistical supplement, the overall forex reserves, which are already at a record high, increased to $476.12 billion from $476.09 billion reported for the week ended February 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, declined by $490 million to $441.46 billion.

However, the value of the country's gold reserves rose by $539 million to $29.66 billion.

Conversely, the SDR value inched lower. It slipped by $4 million to $1.43 billion, while the country's reserve position with the IMF fell by $15 million to $3.58 billion.