Forex reserves rise by $239.4 million to $352.71 billion in week up to June 5

Source: Economic Times

ndia’s foreign exchange reserves rose marginally by $239.4 million to $352.71 billion in the week up to June 5, on account of increase in foreign currency assets, according to RBI data released today.

In the previous week, the reserves had increased by $917.5 million to $352.474 billion. The forex kitty had touched a record high of $352.876 billion in the week to May 15.

The foreign currency assets, which is a major component of overall reserves, rose by $192.9 million to $328.012 billion in the reporting week.

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

In FY15, there was an accretion to foreign exchange reserves to the tune of $61.4 billion compared with $15.5 billion last year.

Gold reserves also increased by $4.5 million to $19.34 billion, after remaining stable for many weeks.

The special drawing rights with the IMF were up by $31.7 million to $4.05 billion, while the country’s reserve position with the fund increased by $10.3 million to $1.31 billion.

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