It’s A Giant Leap For India’s Forex Reserves

Mumbai: India's foreign exchange (Forex) reserves rose by $488.2 million as on December 15, 2017, official data showed on Friday.

The Reserve Bank of India's (RBI) weekly statistical supplement showed that the overall Forex reserves rose to $401.38 billion from $400.89 billion reported for the week ended December 8.

India's Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI's position with the International Monetary Fund (IMF).

Segment-wise, FCAs -- the largest component of the Forex reserves -- increased by $478.3 million to $376.90 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

The country's gold reserves value remained stagnant at $20.70 billion, whereas SDRs inched up by $3.8 million to $1.50 billion.

Similarly, the country's reserve position with the IMF rose by $6.1 million to $2.27 billion.