India’s Forex reserves cross $300 billion!

India’s forex reserves rose by $950.9 million to $313.536 billion in the week to June 13, on account of gains in currency assets. In the previous week, total reserves gained by $203.2 million to $312.585 billion.

Foreign currency assets (FCAs), a major constituent of the overall reserves, surged by $958.5 million to $286.589 billion in the period under review, Reserve Bank said in its weekly statement on Friday. FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in reserves.

The gold reserves remained unchanged at $20.790 billion in the reporting week.

The special drawing rights was down by $5.5 million to $4.446 billion, and the country’s reserve position with the IMF also dropped by $2.1 million to $1.711 billion in the period under review, the central bank said, as reported by PTI.

Medaram Jathara

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