India’s foreign exchange reserves rose by $728.90 million as on March 9 to $421.487 billion, data from the RBI show. Foreign currency assets (FCA), which form a key component of reserves, rose by $689.10 million from the previous week to $396.331 billion. FCAs are maintained in major currencies like US dollar, euro, pound sterling, Japanese yen etc. Movement in the FCA occurs mainly on account of purchase and sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets. Gold reserves rose by $26.50 million to $21.549 billion.
Special drawing rights (SDR) from the International Monetary Fund (IMF) rose by $5.6 million from the previous week to $1.534 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion of their quota at the IMF. The reserve position in the IMF rose by $7.7 million to $2.071 billion.
