Forex reserves jump by $2.76 bn to $632.95 bn: RBI data

The country’s foreign exchange reserves increased by USD 2.762 billion to USD 632.952 billion for the week ended February 18 on a healthy rise in the value of gold reserves and core currency assets, the RBI said.

In the previous reporting week, the overall reserves had declined by USD 1.763 billion to USD 630.19 billion.

During the reporting week, the rise in overall reserves was on account of an increase in the foreign currency assets (FCA), a major component of the overall reserves, the Reserve Bank of India’s (RBI) weekly data released showed.

FCA increased by USD 1.496 billion to USD 567.06 billion in the week ended February 18, it said.

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.

Gold reserves increased by USD 1.274 billion to USD 41.509 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) decreased by USD 11 million to USD 19.162 billion, RBI said.

The country’s reserve position with the IMF increased by USD 4 million to USD 5.221 billion in the reporting week, the data showed.