New Delhi: India’s foreign exchange (forex) reserves rose by USD 2.762 billion to USD 632.952 billion for the week ended February 18, led by a sharp jump in the value of gold reserves, the Reserve Bank of India (RBI) data showed.
The value of gold reserves soared by USD 1.274 billion to USD 41.509 billion during the week under review, according to the RBI’s weekly statistical supplement.
In the previous week (the week ended February 11) the forex reserves had declined by USD 1.763 billion to USD 630.19 billion.
For the week ended February 18, the country’s foreign currency assets, which is the biggest component of the forex reserves, rose by USD 1.496 billion to USD 567.06 billion.
Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling, and Japanese Yen held in the foreign exchange reserves.
However, the value of India’s Special Drawing Rights (SDRs) with the IMF declined by USD 11 million to USD 19.162 billion. India’s reserve position in the International Monetary Fund (IMF) rose by USD 4 million to USD 5.221 billion.