Source: The Economic Times, June 09, 2017
MUMBAI: India’s forex reserves surged by $2.404 billion to reach life-time high of $381.167 billion in the week to June 2 on account of rise in foreign currency assets, the Reserve Bank said today.
In the previous week, the reserves had declined by $547 million to $378.763 billion. Foreign currency assets (FCAs), a major component of overall reserves, increased by $2.748 billion to $357.290 billion in the reporting week, RBI said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves however declined by $343.2 million to $20.095 billion, the central bank said.
The special drawing rights (SDR) with the International Monetary Fund dipped by $0.2 million to $1.472 billion. The country’s reserve position with the IMF too declined by $0.4 million to $2.309 billion.