Forex Reserves Rise by $1.739 Billion to $582.037 Bn

Business

The country’s foreign exchange reserves increased by $ 1.739 billion to $ 582.037 billion in the week ended on March 12, the RBI data showed. In the previous week ended March 5, the reserves had declined by $ 4.255 billion to $ 580.299 billion. The reserves had touched a record high of $ 590.185 billion in the week ended January 29, 2021.

In the reporting week ended March 12, the rise in reserves was on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $ 1.409 billion to $ 541.022 billion, Reserve Bank of India’s (RBI) weekly data showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

After declining in the last week, the gold reserves increased by $ 336 million to $ 34.551 billion in the report week. The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $ 4 million to $ 1.501 billion in the reporting week. The country’s reserve position with the IMF declined by $ 2 million to $ 4.963 billion in the reporting week, the data showed.