Forex reserves rise $347.20 mn to $351.83 bn as on February 12

By: | Published: February 20, 2016 12:58 AM

Foreign exchange reserves as on February 12 rose by $347.20 million from a week ago to $351.83 billion, according to data from the Reserve Bank of India.

Foreign exchange reserves as on February 12 rose by $347.20 million from a week ago to $351.83 billion, according to data from the Reserve Bank of India.

Foreign currency assets (FCAs), which form a key component of reserves, rose by $1.58 billion from the previous week to $330.02 billion.

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

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 foreign exchange reserves, external aid receipts of the government and revaluation of assets.

Gold reserves, however, remained stable at $17.696 billion. Special drawing rights (SDR) from the International Monetary Fund rose by $21.5 million from the previous week to $4.061 billion. SDR is an international reserve asset created by IMF and allocated to its members in proportion of their quota at the IMF.  In the week ended February 5, forex reserves had risen by $2.33 billion to $351.48 billion. The figure had touched a life-time high of $355.46 billion in the week-ended June 19.

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