India's forex reserves rise by over $1.2 billion

India`s foreign exchange reserves increased by $1.275 billion, during the week ended July 17. According to the Reserve Bank of India`s weekly statistical supplement, the reserves grew to $517.637 billion from $516.362 billion reported for the week ended July 10.

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

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.245 billion to $476.880 billion.

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Similarly, the value of the country`s gold reserves increased, but by just $13 million to $34.743 billion. The SDR value inched up by $2 million to $1.455 billion.

Additionally, the country`s reserve position with the IMF grew by $15 million to $4.560 billion.