India’s forex reserves rise by over $16 mn

Mumbai: India’s foreign exchange (forex) reserves marginally rose by $16.6 million during the week ended December 7, official data showed on Friday.

According to the Reserve Bank of India (RBI)’s the weekly statistical supplement, the overall forex reserves increased to $393.73 billion from $393.71 billion reported for the week ended November 30.

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

FCAs, the largest component of the forex reserves, edged up by just $9.7 million to $368.49 billion during the week ended November 30.

Besides the US dollar, FCAs consist of 20-30 percent of other major global currencies.

The RBI’s weekly data showed that the value of the country’s gold reserves remained stagnant at $21.15 billion.

However, the SDR value went up by $2.5 million to $1.45 billion, whereas the country’s reserve position with the IMF increased by $4.4 million to $2.63 billion.