Home Business India's foreign exchange reserves climb $3.1 billion to $516.3 billion

India’s foreign exchange reserves climb $3.1 billion to $516.3 billion

In the previous week, India’s forex reserves from 3.108 billion dollars to 516.362 billion dollars.

The reserves had crossed 1/2 a trillion mark for the first time in the week, after it rose by $8.223 billion to reach $ 501.703 billion.

In the week ended July 10, the forex kitty increased mainly thanks to a jump in foreign currency assets (FCA), which may be a major component of the general reserves.

FCA was up by USD 2.372 billion to USD 475.635 billion within the reporting week, the Federal Reserve Bank data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units just like the euro, pound and yen held within the forex reserves.

Gold reserves were up by USD 712 million to USD 34.729 billion, as per the financial institution data.

The special drawing rights with the International fund (IMF) rose USD 5 million to USD 1.453 billion.

The country’s reserve position with the IMF also increased by USD 19 million to USD 4.545 billion during the reporting week

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