India`s foreign exchange (forex) reserves increased by $3.60 billion during the week ended March 15, official data showed on Friday.
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SBI interest rates on loans slashed by whopping 75 bps, passes on entire RBI repo rate cut to borrowersIndia`s foreign exchange (forex) reserves increased by $3.60 billion during the week ended March 15, official data showed on Friday. According to the Reserve Bank of India`s (RBI) weekly statistical supplement, the overall forex reserves rose to $405.63 billion from $402.03 billion reported for the week ended March 8.
India`s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India`s reserve position with the International Monetary Fund (IMF). On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.54 billion to $377.77 billion.
Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies. The RBI`s weekly data showed that the value of the country`s gold reserves rose by $38.9 million at $23.40 billion.
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The SDR value inched up by $5.9 million to $1.46 billion, while the country`s reserve position with the IMF grew by $12.1 million to $2.99 billion.
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