Foreign exchange reserves rise above gold prices
Mumbai: an increase in gold prices have helped boost the value of the Reserve Bank of India Foreign exchange reserves of $ 5.6 billion to $ 475.6 billion.
From the country forex Reserves rose even as the rupee weakened to close at 76.19 against the dollar on Friday. The rupee fell when the dollar gained against all major Asian currencies during the week.
According to the data, during the week ending March 27, foreign currency assets () increased by $ 2.5 billion to $ 439.6 billion. In the week ending March 20, reserves had fallen by $ 12 billion to $ 469.9 billion. Gold reserves, which are part of foreign currency assets, increased by $ 3 billion to $ 30.9 billion in the week ending March 27.
It is not clear what triggered the increase in FCAs by the numbers factor in the effect of appreciation or depreciation of non-US currencies like the euro, pound and yen held in the Foreign exchange reserves.