Forex reserves up $322 million: RBI

Mumbai, Aug 1:

After four consecutive weeks of decline, India’s foreign exchange reserves grew by $322 million in the week ended July 24.

Pic Courtesy:
Pic Courtesy:

Data furnished by the Reserve Bank of India (RBI), in its weekly statistical supplement, showed India’s foreign exchange reserves during the week under review at $353.64 billion.

The reserves during the previous four weeks were impacted by currency fluctuations, pull-back of funds by foreign investors in the Indian equity markets, Greece’s debt crisis, Chinese stock markets crash and anxiety over US Fed’s decision on raising interest rates.

The reserves had plunged by $1.03 billion during the previous week and stood at $353.32 billion.

The growth in the reserves came after international markets stablaised with Greece reaching an agreement with its creditors.

Foreign investors also factored-in the possibility of Chinese markets settling-down and the US Fed to keep rates intact.

During the week under review the foreign currency assets (FCAs) which constitutes the largest component of the forex rose by $314.2 million and stood at $329.24 billion.

The country’s gold reserves were stagnant at $19.07 billion.

The special drawing rights (SDRs) were slightly-higher by $5.8 million to $4.02 billion. The country’s reserve position with the International Monetary Fund (IMF) inched-up by $1.8 million to $1.30 billion. (IANS)

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