• Tuesday, May 28, 2024

Business

India has forex reserves worth $479.57 billion

By: Pramod Thomas

OWING to an increase in foreign currency assets, India’s forex reserves has surged by $3.09 billion to $479.57 billion in the week ending April 17, Reserve Bank of India has said.

The reserves had increased by $1.81 billion to $476.47 billion a week ago.

The reserves had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion, says RBI data.

In this financial  year,the country’s foreign exchange reserves had risen by almost $62 billion.

In the week ended April 17, foreign currency assets (FCA), a major component of the overall reserves, rose $1.55 billion to $441.88 billion.

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.

The gold reserves increased $1.54 billion to $32.68 billion in the reporting week, the RBI data showed.

Special drawing rights with the International Monetary Fund (IMF) were up by $3 million to $1.43 billion.

The country’s reserve position with the IMF remained stable at $3.58 billion during the period, the data showed.

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