India Forex Reserves Rise

India’s foreign exchange reserves rose by $687.9 million to $359.842 billion in the week to January 13 helped by increase in the foreign currency assets, the Reserve Bank of India said Saturday, PTI reported. In the previous week, forex reserves had fallen by $1.14 billion to $359.155 billion. Foreign Currency Assets, a major component of the overall reserves, increased by $683.7 million to $337.508 billion in the reporting week. FCAs, expressed in US dollar terms, include the effects of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves. The special drawing rights with the International Monetary Fund rose by $1.5 million to $1.439 billion, while India’s reserve position with the fund, too, increased by $2.7 million to $2.311 billion, RBI said.