India's Foreign Exchange Reserves Rise By $2.315 Billion To $573.875 Billion

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India’s foreign exchange reserves increased by $2.315 billion to $573.875 billion for the week ended 29 July, ending the steady depletion of reserves for the previous few weeks.

In the previous reporting week, the overall reserves had declined by $1.152 billion to $571.560 billion.

In the week ended 29 July, the forex reserves swelled due to an increase in Foreign Currency Assets (FCAs), a major component of the overall reserves, and also in gold reserves.

India’s foreign exchange reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

FCAs increased by $1.121 billion to $511.257 billion, according to the Weekly Statistical Supplement released by RBI.

Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Meanwhile, the value of the gold reserves surged by $1.14 billion to $39.642 billion.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) edged higher by $22 million to $17.985 billion for the week ended 29 July.

Similarly, the country’s reserve position with IMF increased by $31 million to $4.991 billion in the reporting week.