Forex reserves rise to $421.72 bn

By: | Published: February 24, 2018 4:05 AM

India’s foreign exchange reserves rose by $1.96 billion to $421.72 billion on February 16, compared to the previous week. Foreign currency assets (FCAs), which form a key component of reserves, rose by $1.925 billion from the previous week to $396.572 billion.

India’s foreign exchange reserves, Foreign currency assets, US, International Monetary Fund, Special drawing rights, IMF, Gold reservesFCAs are maintained in major currencies like US dollar, euro, pound sterling and Japanese yen. (Reuters)

India’s foreign exchange reserves rose by $1.96 billion to $421.72 billion on February 16, compared to the previous week. Foreign currency assets (FCAs), which form a key component of reserves, rose by $1.925 billion from the previous week to $396.572 billion. FCAs are maintained in major currencies like US dollar, euro, pound sterling and Japanese yen. Movement in the FCAs occur 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 remained stable at $21.514 billion. Special drawing rights (SDR) from the International Monetary Fund rose by $13 million from the previous week to $1.546 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 $21.7 million to $2.087 billion

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