Indian forex reserves rise by over $3 billion

India`s foreign exchange reserves jumped higher by $3.883 billion during the week ended August 28. According to the Reserve Bank of India`s weekly statistical supplement, the reserves rose to $541.431 billion from $537.548 billion reported for the week ended August 21.

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 $3.925 billion to $498.094 billion.

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However, the value of the country`s gold reserves fell by $64 million to $37.200 billion.

The SDR value remained the same at $1.481 billion.

In addition, the country`s reserve position with the IMF increased by $22 million to $4.657 billion.