Forex reserves up $458 million

Country’s foreign exchange reserves increased by $458 million to $353.527 billion in the week to October 16, on account of rise in foreign currency assets, according to RBI data.

In the previous week, reserves had jumped by a healthy $2.263 billion to $353.069 billion.

Foreign currency assets (FCAs), a major component of overall reserves, was marginally up by $452.5 million to $329.970 billion in the reporting period, RBI said in a release in Mumbai on Friday.

FCAs, 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 gold reserves remained unchanged at $18.151 billion in the week.

India’s special drawing rights with the International Monetary Fund rose by $4.2 million to touch $4.081 billion in the week, while the nation’s reserve position with the Fund also grew by $1.3 million to $1.323 billion, the apex bank said.