India's Forex Reserves Up By $4.26 Bn

For the previous week ended March 13, the reserves had decreased by $2.06 billion to $335.72 billion. For the week ended March 6, the reserves had fallen by $286.3 million to $337.79 billion.

The fell in reserves for the previous week was attributed to rally in the U.S. dollar and that major non—dollar currencies were trading at their weekly lows. The Indian reserves hold nearly 20—25 percent of the non—dollar currencies.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves grew by $4.53 billion at $314.88 billion in the week under review.

The foreign currency assets had declined by $1.97 billion at $310.34 billion in the week ended March 13. under review. However, for the week ended March 6, the foreign currency assets had risen by $122.4 million at $312.32 billion.

The RBI said the foreign currency assets, expressed in U.S. dollar terms, include the effect of appreciation or depreciation of non—U.S. currencies such as the pound sterling, euro and yen held in reserve.

India’s reserve position with the International Monetary Fund in the week ended March 20 decreased by $295.8 million and stood at $1.28 billion.

The value of special drawing rights was higher by $18.2 million in the week under review at $3.97 billion.

Gold reserves were static at $19.83 billion. The gold reserves had plunged by $346.2 million in the week ended March 6.
Also Read:
Top Brands Choosing Instagram Over Facebook: Study
Jack Ma Meets PM Narendra Modi; Alibaba To Help Small Businesses In India