India’s foreign exchange (forex) reserves increased by $2.198 billion to $631.953 billion for the week ended February 4 led by a sharp increase in foreign currency assets, the Reserve Bank of India (RBI) data showed. According to the RBI’s Weekly Statistical Supplement, foreign currency assets rose by $2.251 billion to $568.329 billion during the week under review.
Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound sterling, Japanese Yen held in the foreign exchange reserves.
Foreign currency asset is the biggest component of India’s forex reserves. Other components of the forex reserves include gold, SDRs, and reserve position in the International Monetary Fund (IMF).
India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $98 million to $19.108 billion.
India’s reserve position with the IMF rose by $59 million to $5.233 billion during the week ended February 4, 2022.
However, the value of India’s gold reserves declined by $210 million to $39.283 billion for the week under review.
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