| Date: |
19-12-2015 |
| Subject: |
Forex reserves grow $407.9 mn to $352.5 bn |
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Foreign exchange reserves as on December 4 rose by $407.90 million from a week ago to $352.50 billion, according to data from the Reserve Bank of India.
Foreign currency assets (FCA) which forms a key component of the reserves rose by $387.70 million from the previous week to $329.63 billion.
FCA are maintained in major currencies like US dollar, Euro, Pound Sterling, Japanese Yen, etc. However, the Foreign Exchange Reserves are denominated and expressed in US dollar only.
The movements in the FCA occur mainly on account of purchase and sale of foreign exchange by the RBI in the foreign exchange market in India, income arising out of the deployment of the foreign exchange reserves, external aid receipts of the Central Government and revaluation of the assets.
Gold reserves, however, have remained stable at $17.54 billion. Special drawing rights (SDR) from the International Monetary Fund rose by $15.3 million from last week to $4.02 billion. SDR is an international reserve asset created by IMF and allocated to its members in proportion of the members’ quota at IMF.
The country’s reserve position in the IMF stood at $1.30 billion, up $4.9 million from the previous week.
Last week, the reserves had risen by $483.20 million to $352.09 billion. The figure had touched a life-time high of $355.46 billion in the week-ended June 19.
Source : financialexpress.com
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