Social News XYZ     

India’s Forex reserve rises to over $420 billion

India's Forex reserve rises to over $420 billion

Mumbai, May 17 (IANS) India's foreign exchange reserves increased by $1.368 billion during the week ended May 10, official data showed on Friday.

According to the Reserve Bank of India's weekly statistical supplement, the overall forex reserves rose to $420.055 billion from $418.687 billion reported for the week ended May 3.

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 $1.358 billion to $392.227 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 was stagnant at $23.021 billion.

However, the SDR value inched higher by $3 million to $1.454 billion, while the country's reserve position with the IMF inched up by $7 million to $3.351 billion.

Facebook Comments
India's Forex reserve rises to over $420 billion

About Gopi Adusumilli

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

Advertisements
%d bloggers like this: