India’s forex reserves rise by over $3 billion

Mumbai, July 17 (IANS) India’s foreign exchange reserves increased by $3.108 billion during the week ended July 10.

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 International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $2.372 billion to $475.635 billion.

Similarly, the value of the country’s gold reserves increased by $712 million 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.

–IANS

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