India’s forex reserves rise by over $3 bn

India”s foreign exchange reserves rose by over $3 billion during the week ended May 22.

According to the RBI”s weekly statistical supplement, the overall forex reserves increased to $490.044 billion from $487.039 billion reported for the week ended May 15.

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 $3.035 billion to $451.706 billion.

However, the value of the country”s gold reserves decreased by $127 million to $32.779 billion.

Besides, the SDR value inched up by $8 million to $1.432 billion.

The country”s reserve position with the IMF increased by $89 million to $4.12 billion.