India's forex reserves rise by over $4 bn

Source : IANS
Author : IANS
Last Updated: Sat, May 16th, 2020, 10:09:10hrs
India's forex reserves rise by over $4 bn

Mumbai: India's foreign exchange reserves rose by $4.235 billion during the week ended May 8th, RBI data showed on Friday.

According to the RBI's weekly statistical supplement, the overall forex reserves increased to $485.313 billion from $481.078 billion reported for the week ended May 1.

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 $4.233 billion to $447.548 billion. Similarly, the value of the country's gold reserves increased but marginally. It rose by $13 million to $32.291 billion. However, the SDR value slipped by $3 million to $1.423 billion.

In addition, the country's reserve position with the IMF fell by $8 million to $4.051 billion.