India’s foreign exchange reserves surged by whopping $ 2.671 billion to $ 366.781 billion for the week ended March 17 on account of increase in foreign currency assets, the Reserve Bank said today. In the previous week, the reserves had risen by $ 98.6 million to $ 364.109 billion. Foreign currency assets (FCAs), a major component of the overall reserves, rose by $ 2.645 billion to $ 343.101 billion in the reporting week, the RBI said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen held in the reserves. Gold reserves remained unchanged at $ 19.914 billion.
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The special drawing rights with the International Monetary Fund was up by $ 10 million to $ 1.444 billion; India’s reserve position with the Fund, too, increased by $ 15.9 million to $ 2.320 billion, RBI said.