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India’s foreign exchange reserves surged by whopping $2.671 billion to $366.781 billion for the week ended March 2017 on account of increase in foreign currency assets, the Reserve Bank said today.
In the previous week, the reserves had risen by $98.6 million to $364.109 billion.
Foreign currency assets (FCAs), a major component of the overall reserves, rose by $2.645 billion to $343.101 billion in the reporting week, the RBI said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non—US currencies, such as the euro, pound and the yen held in the reserves.
Gold reserves remained unchanged at $19.914 billion.
The special drawing rights with the International Monetary Fund was up by $10 million to $1.444 billion; India’s reserve position with the Fund, too, increased by $15.9 million to $2.320 billion, RBI said.
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