India's foreign exchange reserves surge by over $4 billion
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% 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.