India’s forex reserves up by over $1 bn

New Delhi: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chairs a meeting of the Central Board of Directors of RBI, in New Delhi on Feb 15, 2020. MoS Finance and Corporate Affairs Anurag Singh Thakur and Reserve Bank of India Governor Shaktikanta Das. (Photo: IANS/PIB)

Mumbai, May 14 (IANS) India’s foreign exchange reserves rose by $1.444 billion during the week ended May 7.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $589.465 billion from $588.020 billion reported for the week ended April 30.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $434 million to $546.493 billion.

Similarly, the value of the country’s gold reserves gained by $1.016 billion to $36.480 billion.

However, the SDR value slipped by $4 million at $1.503 billion.

On the same note, the country’s reserve position with the IMF inched lower by $1 million to $4.989 billion.

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