Forex reserves rise by $2.73 bn to $593.32 bn

The country's foreign exchange reserves increased by $2.73 billion to $593.32 billion for the week ended June 24 on the back of a surge in the core currency assets, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall reserves had declined by $5.87 billion to $590.59 billion.

In the week ended June 24, the forex reserves swelled due to an increase in Foreign Currency Assets (FCAs), a major component of the overall reserves, and also in gold reserves, RBI said.

FCA increased by $2.33 billion to $529.21 billion, according to the Weekly Statistical Supplement released by RBI.

Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Value of the gold reserves surged by $342 million to $40.93 billion.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) were up by $55 million to $18.21 billion for the week ended June 17, RBI said.

The country's reserve position with IMF rose by $3 million to $4.97 billion in the reporting week.