Forex reserves rise $483.20 m to $352.09 bn

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Mumbai | Published: December 12, 2015 2:01 AM

FCAs are maintained in major currencies such as the US dollar, Euro, Pound Sterling and the Japanese Yen.

Foreign exchange reserves as on December 4 rose by $483.20 million from a week ago to $352.09 billion, according to data from the Reserve Bank of India.

Foreign currency assets (FCAs), which form a key component of the reserves, rose by $1.58 billion from the previous week to $329.24 billion.

FCAs are maintained in major currencies such as the US dollar, Euro, Pound Sterling and the Japanese Yen.

However, the foreign exchange reserves are denominated and expressed in the 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 the deployment of the foreign exchange reserves, external aid receipts of the central government and revaluation of the assets.

Market experts say the FCA component in the foreign exchange reserves increased due to the appreciation in the euro last week following the ECB meeting.

Gold reserves, however, have fallen by $1.14 billion from a week ago to $17.54 billion. Market players said the fall in gold prices is responsible for the dip but also pointed out the figure may see a rise this week due to improvement in prices.

Special drawing rights (SDR) from the International Monetary Fund (IMF) rose by $38.10 million from last week to $4 billion. SDR is an international reserve asset created by IMF and allocated to its members in proportion of the members’ quota at IMF.

The country’s reserve position in the IMF stood at $1.29 billion, up $12.3 million from the previous week.

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