India’s forex reserves rise to USD 582 bn

The country’s foreign exchange (forex) kitty rose USD 233 million to USD 582.271 billion in the week to March 19, the Reserve Bank of India (RBI) said on Friday.

The overall reserves had risen USD 1.74 billion to USD 582.04 billion in the previous reporting week.

The increase in the overall reserves during the reporting week was largely on account of a swelling of the foreign currency assets, which rose USD 157 million to USD 541.18 billion.

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.

Value of the gold reserves increased for the second consecutive week, and was up USD 80 million to USD 34.63 billion in the reporting week, the RBI data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by USD 2 million to USD 1.5 billion in the reporting week.

The country’s reserve position with the IMF also declined by USD 1 million to USD 4.96 billion in the reporting week, the data showed.

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