Forex reserves up by $347.2 mn to $351.831 bn

Mumbai: Country's foreign exchange reserves rose by USD 347.2 million to USD 351.831 billion in the week to February 12, helped by an increase in foreign currency assets (FCAs), according to the Reserve Bank.

In the previous week, the reserves had surged by USD 2.332 billion to USD 351.484 billion in the reporting period.

FCAs, a major component of overall reserves, increased by USD 1.581 billion to USD 330.019 billion in the reporting period, the RBI said in a release here today.

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 USD 17.696 billion in the week.

India's special drawing rights with the International Monetary Fund (IMF) grew by USD 21.5 million to USD 4.061 billion in the week, while country's reserve position with the Fund declined by USD 1.255 billion to USD 54.2 million, the apex bank said.