Forex reserves surge $16.6 Billion to record high of $633.5 Billion

India's forex kitty had declined by USD 2.47 billion to USD 616.895 billion in the previous week ended August 20, 2021

According to RBI data, the country’s foreign exchange reserves increased by USD 16.663 billion in the week ending August 27, reaching a career-high of USD 633.558 billion. The gain was primarily attributable to an increase in Special Drawing Rights (SDR) holdings. According to the Reserve Bank of India, the International Monetary Fund (IMF) provided an allocation of SDR 12.57 billion (equivalent to about USD 17.86 billion at the current exchange rate) to India (August 23, 2021, according to the Reserve Bank of India.

In the preceding week, ended August 20, 2021, India’s foreign reserves fell by USD 2.47 billion to USD 616.895 billion.

According to weekly data issued by the Reserve Bank of India (RBI) on Friday, the country’s SDR holdings increased by USD 17.866 billion to USD 19.407 billion in the reporting week ending August 27, 2021.

Reserves of gold increased by USD 192 million, to USD 37.441 billion. According to the data, the country’s reserve position with the IMF rose by USD 14 million to USD 5.11 billion in the reporting week