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India's Forex Reserves Rise $1.08B to $676.24B on FCA Gain
India's forex reserves rose $1.08B to $676.24B, the RBI said Friday. A $4.55B gain in foreign currency assets drove the increase, offsetting a $3.48B drop in gold holdings.
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India's foreign-exchange reserves rose by $1.08 billion to $676.237 billion in the week ended July 17, the Reserve Bank of India said Friday.
The increase followed a $964 million gain in the prior week, when reserves stood at $675.157 billion. The latest data show the kitty remains well below the all-time high of $728.494 billion reached in late February, before the Middle East conflict triggered a multi-week drawdown. The RBI sold dollars to defend the rupee during that period.
Foreign currency assets (FCAs), the largest component of reserves, rose $4.549 billion to $551.057 billion for the week, the RBI data showed. FCAs are expressed in dollar terms and include the effect of appreciation or depreciation of non-US units such as the euro, the pound, and the yen.