India's forex reserves rise by over $3 billion

India`s foreign exchange reserves increased by $3.623 billion, during the week ended August 7. According to the Reserve Bank of India`s weekly statistical supplement, the reserves grew to $538.191 billion from $534.568 billion reported for the week ended July 31.

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 $1.464 billion to $492.293 billion.

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Similarly, the value of the country`s gold reserves increased, but by $2.160 billion to $39.785 billion. The SDR value inched up by $6 million to $1.481 billion.

However, the country`s reserve position with the IMF declined by $7 million to $4.632 billion.