India’s forex reserves rise over $507 bn

India’s foreign exchange reserves rose by over $5.942 billion during the week ended June 12.

According to the RBI’s weekly statistical supplement, the overall forex reserves increased to $507.644 billion from $501.703 billion reported for the week ended June 5.

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 $5.106 billion to $468.737 billion.

Similarly, the value of the country’s gold reserves increased. It rose by $821 million to $33.173 billion.

Besides, the SDR value rose by $12 million to $1.454 billion.

The country’s reserve position with the IMF increased by $3 million to $4.280 billion.