Lagatar24 Desk
New Delhi, Feb 12: The Reserve Bank of India (RBI) released a data which showed that India’s foreign exchange (forex) reserves increased by $2.198 billion to $631.953 billion in the week ended February 4, owing to a strong increase in foreign currency holdings.
Foreign currency assets increased by $2.251 billion to $568.329 billion during the week under review, according to the RBI’s weekly data supplement.
The effect of appreciation or depreciation of non-dollar currencies held in foreign exchange reserves, such as the Euro, the UK’s Pound sterling, and the Japanese Yen, is included in the foreign currency assets when expressed in US dollar terms.
The largest component of the country’s forex reserves is foreign currency assets. Gold, SDRs, and a reserve position in the International Monetary Fund (IMF)are also included in the foreign reserves.
The value of India’s special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by $98 million to $19.108 billion.
During the week ending February 4, 2022, the country’s reserve position with the IMF increased by $59 million to $5.233 billion.
India’s gold reserves, on the other hand, fell by $210 million to $39.283 billion in the week under review.
