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India’s Forex reserves surge by $9.42 bn to all-time high of $620.57 bn

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There is a rise in the reserves that was on the back of an increase in foreign currency assets (FCAs), a major component of the overall reserves, the Reserve Bank of India‘s data shows. FCA has increased by $8.596 billion to $576.224 billion in the reporting week.

 

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Accordingly, Gold reserves were up by $760 million to $37.644 billion in the reporting week.

 

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by USD 6 million at USD 1.552 billion. The country’s reserve position with the IMF also increased USD 65 million to USD 5.156 billion in the reporting week, the data showed.

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