Nation’s forex reserves surged by over USD 167 million

According to the Reserve Bank of India (RBI)’s weekly statistical supplement, the overall forex reserves increased to $393.287 billion from $393.120 billion reported for the week ended December 14.

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 higher by $105.2 million to $367.97 billion during the week ended December 21.

Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies. The RBI’s weekly data showed that the value of the country’s gold reserves rose by $37.2 million to $21.22 billion. Similarly, the SDR value went up by $8.9 million to $1.459 billion, while the country’s reserve position with the IMF increased by $15.9 million to $2.63 bn.