India's forex reserves rise by $2.73 bn to near $600 bn-mark

The country's foreign exchange reserves increased by USD 2.734 billion to USD 593.323 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 USD 5.87 billion to USD 590.588 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 USD 2.334 billion to USD 529.216 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 USD 342 million to USD 40.926 billion.

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

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