India’s forex reserves near $300 billion mark

India’s foreign exchange reserves continued their rally for the fourth straight week, increased by $1.35 billion to 298.64 billion dollar on a surge in currency assets even though the reserve position with the IMF slid heavily.

As per the data released by Reserve Bank of India( RBI)

  • Gold reserves remained unchanged at $ 20.978 billion.
  • Foreign currency assets (FCAs), a major part of the overall reserves, rose $1.58 billion to $ 271.40 billion.
  • FCAs expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies viz. the euro, pound and yen held in its reserves.
  • The special drawing rights were down by $ 16.9 million to % 4.462 billion, while the country’s reserve position with the IMF was down by a whopping $ 214.7 million to $1.801 billion.

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Categories: Banking Current Affairs 2017International Current Affairs 2017

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