India’s Forex reserves rise by $1.19 bn

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Mumbai, March 31: India’s foreign exchange (Forex) reserves increased by $1.19 billion as on March 23, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall Forex reserves rose to $422.53 billion from $421.33 billion reported for the week ended March 16.

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

Segment-wise, FCAs — the largest component of the Forex reserves — increased by $1.13 billion to $397.29 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

In addition, the country’s gold reserves value rose by $52.7 million to $21.61 billion.

Similarly, the SDRs value increased. It inched up by $3 million to $1.54 billion, while the country’s reserve position with the IMF edged up by $4 million to $2.08 billion.