India's forex reserves rise by over $1 bn to $487 bn
Friday - May 22, 2020 9:09 pm , Category : BUSINESS
Mumbai, May 22 (IANS) India's foreign exchange reserves rose by $1.726 billion during the week ended May 15, RBI data showed on Friday.According to the RBI's weekly statistical supplement, the overall forex reserves increased to $487.039 billion from $485.313 billion reported for the week ended May 8th.On Friday, while announcing the repo rate cut, RBI Governor Shaktikanta Das said: "India's foreign exchange reserves have increased by $9.2 billion in 2020-21 so far (up to May 15) to $487 billion - equivalent to a year's imports."India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.122 billion to $448.670 billion.Similarly, the value of the country's gold reserves increased.This rose by $616 million to $32.906 billion. The SDR value inched up by $2 million to $1.425 billion.However, the country's reserve position with the IMF fell by $13 million to $4.038 billion.