India’s foreign exchange reserves rose by $963 million to $672.587 billion in the week ended June 19, reversing the previous week’s sharp decline, as a surge in gold reserves more than offset a fall in foreign currency assets, according to RBI data released on Friday, PTI reported.The country’s forex reserves had declined by $9.985 billion to $671.625 billion in the previous reporting week.Foreign currency assets (FCAs), the largest component of the reserves, fell by $3.072 billion to $541.217 billion during the week.Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound sterling and yen held in the reserves.However, the value of gold reserves jumped by $4.110 billion to $107.930 billion, helping push the overall reserves higher.The Reserve Bank of India (RBI) said Special Drawing Rights (SDRs) declined by $52 million to $18.647 billion.India’s reserve position with the International Monetary Fund (IMF) also fell by $22 million to $4.793 billion during the reporting week, according to the central bank’s data.
