India’s forex reserves inch up by $58 mn

Mumbai:  India’s foreign exchange reserves inched up during the week ended January 10. However, the marginal accretion in reserves pushed it to touch a new record high.

The Reserve Bank of India’s reserves rose by just $58 million during the week under review, official data showed on Friday.

According to the RBI’s weekly statistical supplement, the overall forex reserves increased to $461.21 billion from $461.15 billion reported for the week ended January 3.

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 lower by $367 million to $427.58 billion.

The RBI’s weekly data showed that the value of the country’s gold reserves rose by $435 million to $28.49 billion.

But, the SDR value inched lower by $5 million to $1.44 billion, while the country’s reserve position with the IMF decreased by $5 million to $3.69 billion.


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