India’s forex reserves have risen in first week of February
Mumbai (Maharashtra):
India’s foreign exchange (forex) reserves rose by $2.198 billion to $631.953 billion in the week ending February 4, owing to sharp jump in foreign currency assets, according to data released by the Reserve Bank of India (RBI).
According to RBI’s weekly statistical supplement, foreign currency assets rose by $2.251 billion to $568.329 billion during the week under review.
Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound sterling, Japanese Yen held in the foreign exchange reserves.
Foreign currency asset is the biggest component of the country’s forex reserves. Other components of the forex reserves include gold, SDRs, and reserve position in the International Monetary Fund (IMF).
India’s special drawing rights (SDRs) with the IMF rose by $98 million to $19.108 billion.
Country’s reserve position with the IMF rose by $59 million to $5.233 billion during the week ending February 4, 2022.
However, the value of India’s gold reserves declined by $210 million to $39.283 billion for the week under review.