India's forex reserves rise by over $1.2 billion

Source :IANS
Author :IANS
Last Updated: Sun, Jul 26th, 2020, 23:16:54hrs
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Mumbai: India's foreign exchange reserves increased by $1.275 billion, during the week ended July 17.

According to the Reserve Bank of India's weekly statistical supplement, the reserves grew to $517.637 billion from $516.362 billion reported for the week ended July 10.

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 $1.245 billion to $476.880 billion.

Similarly, the value of the country's gold reserves increased, but by just $13 million to $34.743 billion. The SDR value inched up by $2 million to $1.455 billion.

Additionally, the country's reserve position with the IMF grew by $15 million to $4.560 billion.