India s Forex reserves rise by $488 mn

Mumbai Dec 22 (IANS) India s foreign exchange (Forex) reserves rose by $488.2 million as on December 15 2017 official data showed on Friday.

The Reserve Bank of India s (RBI) weekly statistical supplement showed that the overall Forex reserves rose to $401.38 billion from $400.89 billion reported for the week ended December 8.

India s Forex reserves comprise of foreign currency assets (FCAs) gold reserves special drawing rights (SDRs) and the RBI s position with the International Monetary Fund (IMF).

Segment-wise FCAs -- the largest component of the Forex reserves -- increased by $478.3 million to $376.90 billion during the week under review.

Besides the US dollar FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds bonds of other selected governments and deposits with foreign central and commercial banks.

The country s gold reserves value remained stagnant at $20.70 billion whereas SDRs inched up by $3.8 million to $1.50 billion.

Similarly the country s reserve position with the IMF rose by $6.1 million to $2.27 billion.

--IANS
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