India’s Forex reserves increase by $1.25 billion
According to the Reserve Bank of India’s weekly statistical supplement, India’s foreign exchange (Forex) reserves have increased by $1.25 billion to reach $371.13 billion from $369.88 billion as on April 21, 2017. The current reserves are just short of a lifetime high of USD 371.99 billion reached in the week to September 30, 2016.
The components of India’s Foreign Exchange Reserves include:
- Foreign currency assets (FCAs)
- Special Drawing Rights (SDRs)
- RBI’s Reserve position with International Monetary Fund (IMF)
FCAs constitute the largest component of the Forex Reserves. It was augmented by $1.23 billion to $347.48 billion as on April 21, 2017. FCAs consist of US dollar and other major non-US global currencies. It also comprises of investments in US Treasury bonds, bonds of other selected governments, deposits with foreign central and commercial banks.
The gold reserves stand at $19.86 billion.
SDRs’ value has increased $5 million to $1.45 billion.
RBI’s reserve position with the IMF stands to $2.33 billion.
Categories: Banking Current Affairs 2017