The surge in India’s forex reserves was driven by rise in foreign currency assets (FCAs). Photo: ReutersMumbai: India’s foreign exchange reserves, or forex reserves, surged by $1.536 billion to touch a new record of $392.867 billion during the week to 28 July, data released by the Reserve Bank of India (RBI) showed. In the previous week, forex reserves had increased by $2.27 billion to $391.33 billion. The surge in India’s forex reserves was driven by rise in foreign currency assets (FCAs). FCAs, a major component of the overall forex reserves, rose by $1.609 billion to USD 368.759 billion, the RBI data showed.

Source: Mint August 04, 2017 21:45 UTC