Published on 12/09/2020 8:56:50 AM | Source: IANS

India`s forex reserves rise to over $542 billion

Posted in Currency Top News| #India #Currency News

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel 

Download Telegram App before Joining the Channel

India's foreign exchange reserves rose by $582 million during the week ended September 4.

According to the Reserve Bank of India's weekly statistical supplement, the reserves increased to $542.013 billion from $541.431 billion reported for the week ended August 28.

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 $269 million to $498.362 billion.

Similarly, the value of the country's gold reserves increased. It rose by $321 million to $37.521 billion.

The SDR value inched up by $2 million to $1.482 billion.

However, the country's reserve position with the IMF decreased by $9 million to $4.647 billion.