India's forex reserves rises to $429.91 billion

India's forex reserves rises to $429.91 billion

Reserve Bank of India (RBI). (File Photo: IANS)

Mumbai, July 12 (IANS) India's foreign exchange reserves increased by $2.232 billion during the week ended July 5, official data showed on Friday.

According to the Reserve Bank of India's weekly statistical supplement, the overall forex reserves rose to $429.911 billion from $427.678 billion reported for the week ended June 28.

India's forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs - the largest component of the forex reserves - edged higher by $906.8 million to $400.808 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

The RBI's weekly data showed that the value of the country's gold reserves went up by $1.345 billion to $24.304 billion.

However, the SDR value slipped by $4.7 million to $1.451 billion, while the country's reserve position with the IMF fell $15.3 million to $3.346 billion.

--IANS

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