India’s forex reserves rise by USD 1.38 billion

Mumbai, June 28 : India’s foreign exchange (forex) reserves rose by $1.38 billion to $314.92 billion for the week ended June 20, led by a sharp jump in overseas currency assets, the Reserve Bank of India (RBI) data showed. The reserves had increased by $950.9 million to $313.53 billion for the week ended June 13. According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, jumped by $1.37 billion to $287.96 billion.
The foreign currency assets had grown by $958.5 million to $286.58 billion for the week ended June 13. The RBI said that the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve such as the pound sterling, euro and yen. India’s reserve position with the International Monetary Fund (IMF) grew by $1.5 million to $1.71 billion.

The value of special drawing rights (SDRs) rose by $4.1 million to $4.45 billion.  However, the value of gold reserves remained unchanged at $20.79 billion.