India’s Foreign Exchange Reserves Rise By Over $3 Billion To $490.04 Billion

India's foreign exchange reserves rose by over $3 billion during the week ended 22 May.

According to the RBI's weekly statistical supplement, the overall forex reserves increased to $490.044 billion from $487.039 billion reported for the week ended 15 May.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.035 billion to $451.706 billion.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

However, the value of the country's gold reserves decreased by $127 million to $32.779 billion.

Besides, the SDR value inched up by $8 million to $1.432 billion.

The country's reserve position with the IMF increased by $89 million to $4.12 billion.

(With inputs from IANS