Forex reserves zoom USD 4 bn to USD 350.86 bn

After falling for two consecutive weeks, the country's foreign exchange reserves rose massively by USD 4.075 billion to USD 350.86 billion in the week ended March 4, helped by robust rise in foreign currency assets (FCAs), Reserve Bank said today.
In the previous week, the reserves had fallen by USD 3.58 billion to USD 346.788 billion.
FCAs, a major component of overall reserves, increased by USD 2.448 billion to USD 327.475 billion in the reporting period, RBI said in a release here.
FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

Gold reserves increased by USD 1.628 billion to USD 19.324 billion in the week.
India's special drawing rights with the International Monetary Fund (IMF) dipped marginally by USD 0.5 million to USD 1.479 billion, while the country's reserve position with the Fund fell by USD 0.6 million to USD 2.584 billion, the apex bank added.