Foreign exchange reserves rises nearly $1.6 billion

India's foreign exchange reserves rose by $1.589 billion to $349.152 billion in the week to January 29, helped by an increase in Foreign Currency Assets (FCAs), according to the Reserve Bank of India (RBI).

In the previous week, the reserves had increased by $355.1 million to $347.562 billion.

FCAs, a major component of overall reserves, increased by $1.584 billion to $326.631 billion in the reporting period, RBI said in a release on Friday.

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.

The gold reserves remained unchanged at $17.240 billion in the period.

India's special drawing rights with the International Monetary Fund (IMF) grew by $3.8 million to $3.988 billion in the week, while country's reserve position with the Fund was up by $1.2 million to $1.292 billion, the apex bank stated.