India’s forex reserves rise by over USD 3 billion

According to the Reserve Bank of India’s weekly statistical supplement, the reserves grew to $516.362 billion from $513.254 billion reported for the week ended July 3.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $2.372 bn to $475.635 bn. Similarly, the value of the country’s gold reserves rose by $712 mn to $34.729 billion. The SDR value inched up by $5 million to $1.453 billion.

Additionally, the country’s reserve position with the IMF grew by $19 million to $4.545 billion.