Forex reserves up $2.67 bn to $366.78 bn
India's foreign exchange reserves surged by whopping $2.671 billion to $366.781 billion for the week ended March 17 on account of increase in foreign currency assets, the Reserve Bank said on Friday. In the previous week, the reserves had risen by $98.6 million to $364.109 billion. Foreign currency assets (FCAs), a major component of the overall reserves, rose by $2.645 billion to $343.101 billion in the reporting week, the RBI said. Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen held in the reserves. Gold reserves remained unchanged at $19.914 billion.
The special drawing rights with the International Monetary Fund was up by $10 million to $1.444 billion; India's reserve position with the Fund, too, increased by $15.9 million to $2.320 billion, RBI said.