India’s forex reserves rise by over $3 billion

Mumbai: India’s foreign exchange reserves increased by $3.623 billion, during the week ended August 7.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves grew to $538.191 billion from $534.568 billion reported for the week ended July 31.

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 $1.464 billion to $492.293 billion.

Similarly, the value of the country’s gold reserves increased, but by $2.160 billion to $39.785 billion. The SDR value inched up by $6 million to $1.481 billion.

However, the country’s reserve position with the IMF declined by $7 million to $4.632 billion.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)