Forex reserves rise by $488.20 million to $401.4 billion

Posted by Daily Shipping Times on 26-12-2017        Tweet

MUMBAI: India’s foreign exchange reserves rose by $488.20 million on December 15 to $401.385 billion, data from the RBI shows. Foreign currency assets (FCAs), which form a key component of reserves, rose by $478.30 million from the previous week to $376.906 billion.

FCAs are maintained in major currencies like US dollar, euro, pound sterling and Japanese yen. Movement in the FCA occurs mainly on account of purchase and sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the Government and revaluation of assets.

Gold reserves remained stable at $20.7 billion. Special drawing rights (SDR) from the International Monetary Fund rose by $3.8 million from the previous week to $1.5 billion.