The country added $484.2 million to its foreign exchange reserves, which increased to $294.993 billion for the week ending December 7, the Reserve Bank of India said.
In the previous reporting week ending November 30, the forex reserves fell $471.3 million to $294.509 billion. Forex reserves constitute a country’s foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the reserve position in the IMF.
A major component of the forex reserves, FCAs are expressed in US dollar terms and include the effect of appreciation/depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.
For the week under review, FCAs, rose $492.7 million to $260.505 billion during the week, the RBI said in its ‘Weekly Statistical Supplement’. However, the special drawing rights (SDRs) were down $8.9 million to $4.420 billion while the country's reserve position with the IMF was up $0.4 million to $226.48 billion, the RBI said. Since March, total reserves have increased $596.4 billion.