Forex reserves up $1.40 bn to $363.35 bn

TIL Desk/Business/Mumbai-The country’s foreign exchange reserves rose by $1.407 billion to $363.351 billion in the week to July 15 on account of increase in foreign currency assets, the Reserve Bank said on Thursday. In the previous week, the reserves had declined by $1.228 billion to $361.943 billion.

Foreign currency assets (FCAs), a major component of the overall reserves, rose by $1.404 billion to $338.897 billion in the reporting week, RBI data showed. FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as euro, pound and yen held in the reserves.

Gold reserves remained unchanged at $20.576 billion. The country’s special drawing rights with the International Monetary Fund increased by $1.4 million to $1.485 billion, while the reserve position rose by $2.3 million to $2.391 billion, RBI said.