Business & Economy

India’s forex reserves rise by $ 167.8 million to $ 420.758 billion

NetIndian News Network

Mumbai, March 9, 2018

India’s foreign exchange reserves increased by $ 167.8 million to $ 420.758 billion during the week ended March 2, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had fallen by $ 1.13 billion to $ 420.59 billion during the previous week.
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up  by $ 177.2 illion to $ 395.643 billion during the week.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
According to the bulletin, the country’s gold reserves increased by $ 8.1 million to $ 21.522 billion, while its special drawing rights (SDRs) went down by $7.4 million to $ 1.529 billion.
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 10.1 million to $ 2.064 billion during the week, the bulletin added.
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