India's forex reserves up $2.37 bn at $363.17 bn

Gold reserves increased by $247.5 million to $20.576 billion.

India’s foreign exchange reserves surged by $2.37 billion to $363.17 billion in the week to July 1, on account of increase in foreign currency assets (FCAs), Reserve Bank said on Friday.

In the previous week, the reserves had fallen by $3.028 billion to $360.797 billion.

Foreign currency assets (FCAs), a major component of the overall reserves rose by $2.132 billion to $338.712 billion in the reporting week, RBI data showed.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

Gold reserves increased by $247.5 million to $20.576 billion.

The country's special drawing rights with International Monetary Fund dipped by $2.3 million to $1.487 billion and the reserve position decreased by $3.6 million to $2.395 billion, the central bank said.