Forex Reserves Increase By $8.8 Billion To Touch Record High Of $642.45 Billion
In the previous week ended August 27, the reserves had surged $16.663 billion to $633.558 billion, mainly due to a rise in Special Drawing Rights (SDR) holding.
According to RBI data, in the week ending September 3, the country’s foreign exchange reserves climbed by USD 8.895 billion, reaching a new high of USD 642.453 billion. The reserves increased $16.663 billion to $633.558 billion in the previous week, owing primarily to increasing Special Drawing Rights (SDR) holdings. India received SDR 12.57 billion from the International Monetary Fund (IMF).
FCA increased by $ 8.213 billion to $ 579.813 billion in the reporting week. 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.
According to Reserve Bank of India (RBI) weekly data released on Friday, the increase was due to a gain in foreign currency assets (FCAs), a significant component of overall reserves, for the week ending September 3.
Gold reserves increased by $642 million to $38.083 billion in the reporting week. The value of the IMF’s special drawing rights (SDRs) increased by $29 million to $19.437 billion. According to the data, the country’s reserve position with the IMF rose by $11 million to $5.121 billion in the reporting week.