Modi magic..Rs 409608000000 jump in forex reserves

Mumbai, Nov 23 India's foreign exchange (forex) reserves rose by $568.9 million during the week ended November 16, official data showed on Friday.According to the Reserve Bank of India (RBI)'s weekly statistical supplement, the overall forex reserves increased to $393.58 billion from $393.01 billion reported for the week ended November 9.India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's position with the International Monetary Fund (IMF).FCAs, the largest component of the forex reserves, edged-higher by $506 million to $368.54 billion during the week ended November 16.Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies.Further, the RBI's weekly data showed that the value of the country's gold reserves increased by 73 million to $20.96 billion.However, the SDR value was lower by $5.7 million to $1.45 billion, while the country's reserve position with the IMF decreased by $4.4 million to $2.62 billion.

 (IANS)

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