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Forex Reserves Surge Over $3 Bn

Author: Finapolis Network/Thursday, October 1, 2020/Categories: Currency

Forex Reserves Surge Over $3 Bn

Mumbai: India’s foreign exchange (forex) reserves rose by $3.378 billion for the week ended September 18, 2020. As per the weekly statistical supplement from Reserve Bank of India (RBI), the reserves rose to $545.038 billion from $541.660 billion during the week ended September 11.

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 $3.943 billion to $501.464 billion. However, the value of the country's gold reserves decreased, declining by $580 million to $37.440 billion. The SDR value inched up by $1 million to $1.483 billion.

Similarly, the country's reserve position with the IMF increased. It gained $14 million to $4.651 billion.

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