India’s foreign exchange reserves inch up by $16 mn

Mumbai, Nov 5 (IANS) India’s foreign exchange reserves inched up by $16.6 million to $367.15 billion as on October 28, the Reserve Bank of India (RBI) has said.

According to the RBI’s weekly statistical supplement, the overall Forex reserves increased to $367.15 billion from $367.14 billion for the week ended October 21.

Segment-wise, the Foreign Currency Assets (FCAs) — the largest component of the Forex reserves rose by $21.6 billion to $341.94 billion during the week under review.

Apart from the US dollar, the FCAs consist of nearly 20-30 per cent of other major global currencies, securities and bonds.

The individual movements of these currencies against the US dollar impacts the overall foreign reserves’ value.

However, the country’s gold reserves were stagnant at $21.40 billion.

Furthermore, the special drawing rights (SDRs) slipped by $1.9 million to $1.46 billion.

Similarly, the country’s reserve position with the International Monetary Fund (IMF) fell by $3.1 million to $2.34 billion.