India’s foreign exchange reserves rises by over $4 bn

 Indian stock markets

Mumbai, (Asian independent) India’s foreign exchange reserves rose by $4.483 billion during the week ended January 1.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to $585.324 billion from $580.841 billion reported for the week ended December 25.

India’s forex reserves comprise of 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 $4.168 billion to $541.642 billion.

Besides, the value of the country’s gold reserves increased by $315 million to $37.026 billion.

However, the SDR value remained flat at $1.510 billion.

Similarly, the country’s reserve position with the IMF remained static at $5.145 billion.

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