Forex Reserves Jumped To $405.14 Billion; Driven By Increase In FCAs

As per the RBI data released on Friday, foreign reserves of the country climbed to US$ 405.143 billion for the week ended July 20, 2018 mainly driven by an increase in foreign currency assets and gold reserves. During the reporting week, foreign currency assets (FCAs), which constitute the major component of foreign reserves, increased US$ 46.8 million to US$ 380.049 billion.

Foreign currency assets (FCAs) reported in US dollar terms entails the effect of depreciation or appreciation of non-US currencies that form the part of foreign reserves such as yen, euro and pound.

Gold reserves also increased for the second straight week by US$ 24.9 million to US$ 21.140 billion.

Further as per the RBI data, the special drawing rights (SDRs) with the International Monetary Fund (IMF) decreased to US$ 1.480 billion, down by US$ 1.8 million. Also reserve portion of India with the IMF also decreased to US$ 2.474 billion, down by US$ 2.2 million.

In the earlier reporting week, foreign exchange reserves declined to US$ 405.075 billion, down by US$ 734.5 million.

With PTI Inputs