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India’s forex reserves rise to nearly $400 bn

India's forex reserves rise to nearly $400 bnMumbai, Sep 9 (IANS) Continuing a recent trend, Indian foreign exchange reserves shot up by a massive $3.572 billion to touch a high of $398.122 billion for the week ended September 1, Reserve Bank of India (RBI) data showed on Friday.

The country's foreign currency assets (FCAs), a major portion of the overall reserves, increased by $2.808 billion, to $373.641 billion for the week in consideration.

According to the latest RBI data, while gold reserves also rose by $748.3 million to $20.691 billion, India's special drawing rights (SDRs) with the International Monetary Fund increased by $6.5 million to $1.506 billion.

 

The special drawing rights with the International Monetary Fund (IMF) increased by $6.5 million to $1.506 billion, the apex bank said.

In the previous week, the reserves had increased by $1.148 billion to $394.55 billion.

The inflow of foreign currency into the Indian equity and debt markets have contributed substantially to the impressive rise in reserves.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

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India's forex reserves rise to nearly $400 bn

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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.

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