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India’s Forex Reserve Grows By $1.3 Billion

India’s foreign exchange reserves rose by $1.368 billion during the week ended 10 May, according to official data released on Friday. The Reserve Bank of India’s weekly statistical supplement showed that the overall forex reserves rose to $420.055 billion from $418.687 billion reported for the week ended 3 May.

The country’s forex reserves are calculated as a combination of Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).

On a week-to-week growth basis, FCAs, the largest component of the forex reserves, increased higher by $1.358 billion to $392.227 billion.

Besides the US dollar, FCAs make for 20-30 percent of the other major global currencies.

The RBI’s weekly data showed that the value of the country’s gold reserves remained stagnant at $23.021 billion. The SDR value, however, inched higher by $3 million to $1.454 billion, and the country’s reserve position with the IMF inched up by $7 million to $3.351 billion.

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