India s Forex reserves surge by over $4 bn

Mumbai May 27 (IANS) India s foreign exchange (Forex) reserves rose by over $4 billion as on May 19 2017.

The Reserve Bank of India s (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves increased by $4.03 billion to $379.31 billion from $375.27 billion reported for the week ended May 12.

India s Forex reserves comprise of foreign currency assets (FCAs) gold 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 -- edged higher by $3.99 billion to $355.09 billion during the week under review.

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

The country s gold reserves were stagnant at $20.43 billion.

However the SDRs value gained by $15 million to $1.46 billion. The country s reserve position with the IMF rose by $25.2 million to $2.30 billion.

--IANS
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