India's forex reserve rises by over $1.7 bn

MUMBAI: India's foreign exchange reserves rose by $1.739 billion during the week ended March 12. According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $582.037 billion from $580.299 billion reported for the week ended March 5.

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 $1.409 billion to $541.022 billion. Similarly, the value of the country's gold reserves rose by $336 million to $34.551 billion. However, the SDR value slipped by $4 million at $1.501 billion.

On the same note, the country's reserve position with the IMF inched lower by $2 million to $4.963 billion. (IANS)

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