Forex Reserves Rise to $343 Billion

After falling last week, the country's foreign exchange reserves surged by a healthy $2.788 billion to $343.2 billion in the week to April 17 as foreign currency assets (FCAs) rose, the Reserve Bank said.

In the previous reporting week, the forex reserves declined by $2.592 billion to $340.412 billion.

FCAs, a major part of the overall reserves, increased by $2.727 billion to $318.859 billion during the week under review, the RBI data showed.

Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.

The country's gold reserves remained stable at $19.038 billion for the reporting week.

The special drawing rights with the International Monetary Fund was up $45.6 million to $4.005 billion, while the country's reserve position with the IMF rose $14.8 million to $1.298 billion, the data showed.