Forex Reserves surge by $9.42 Billion to all-time high of $620.57 Billion
According to the latest RBI figures, the country’s foreign exchange reserves increased by USD 9.427 billion to a new high of USD 620.576 billion in the week ending July 30.
The reserves fell by USD 1.581 billion to USD 611.149 billion in the previous week, ending July 23.
The Reserve Bank of India’s (RBI) weekly data issued on Friday showed that the increase in reserves in the reporting week ended July 30 was due to the rise in foreign currency assets (FCAs), a significant component of the overall funds.
In the reporting week, FCA grew by USD 8.596 billion to USD 576.224 billion.
The effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets when expressed in dollar terms.
The data showed that gold reserves increased by USD 760 million to USD 37.644 billion in the reporting week.
The International Monetary Fund’s (IMF) special drawing rights (SDRs) increased by USD 6 million to USD 1.552 billion.