1. Forex reserves rise $943.40 m to $352 b as on December 25

Forex reserves rise $943.40 m to $352 b as on December 25

Foreign exchange reserves as on December 25 rose by $943.40 million from a week ago to $352.04 billion, according to data from the Reserve Bank of India.

By: | Mumbai | Published: January 2, 2016 12:10 AM

Foreign exchange reserves as on December 25 rose by $943.40 million from a week ago to $352.04 billion, according to data from the Reserve Bank of India.

Foreign currency assets (FCAs), which form a key component of the reserves, rose by $922 million from the previous week to $329.19 billion.

FCAs are maintained in major currencies such as US dollar, euro, pound sterling, Japanese yen, etc. However, foreign exchange reserves are denominated and expressed in US dollar only.

The movements in the FCA occur mainly on account of purchase and sale of foreign exchange by the RBI in the foreign exchange market in India, income arising out of deployment of the foreign exchange reserves, external aid receipts of the government and revaluation of assets.

Gold reserves, however, remained stable at $17.54 billion. Special drawing rights (SDR) from the International Monetary Fund rose by $16.2 million from last week to $4.01 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion of the members’ quota at the IMF.

The country’s reserve position in the IMF stood at $1.3 billion, up $5.2 million from the previous week.

Last week, the reserves had fallen by $1.4 billion to $351.10 billion. The figure had touched a life-time high of $355.46 billion in the week ended June 19.

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