Forex reserves surge by $2.76 billion at $632.95 billion: RBI data

The rise in overall reserves was on account of a rise in the foreign currency assets (FCA), a vital factor of the overall reserves, the Reserve Bank of India’s (RBI) weekly data published on Friday indicated.

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The country’s foreign exchange stocks boosted by USD 2.762 billion to USD 632.952 billion for the week ended February 18 on healthy growth in the value of gold reserves and core currency assets, the RBI announced on Friday. In the earlier reporting week, the overall stocks had plunged by USD 1.763 billion to USD 630.19 billion.

During the reporting week, the rise in overall reserves was on account of a rise in the foreign currency assets (FCA), a vital factor of the overall reserves, the Reserve Bank of India’s (RBI) weekly data published on Friday indicated.

FCA surged by USD 1.496 billion to USD 567.06 billion in the week ended February 18, it announced. Illustrated in terms of dollars, the foreign currency investments comprise the effect of appreciation or devaluation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold stocks rose by USD 1.274 billion to USD 41.509 billion in the reporting week, the data revealed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) decreased by USD 11 million to USD 19.162 billion, RBI announced. The country’s reserve position with the IMF boosted by USD 4 million to USD 5.221 billion in the reporting week, the data revealed.