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Wednesday, November 25, 2020

Forex reserves at fresh peak, rise by $7.77 billion

For the reporting week, the rise in reserves was primarily on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves.

By: ENS Economic Bureau | New Delhi | November 15, 2020 1:04:36 am
Forex reserves, India's forex reserves, Indian economy, forex reserves Indian economy, Indian economy forex reserves, Indian ExpressIn the previous week ended October 30, the reserves had swelled by $183 million to reach $560.715 billion.

The foreign exchange reserves jumped by a massive $7.779 billion to touch a lifetime high of $568.494 billion in the week ended November 6, data released by the Reserve Bank of India (RBI) showed.

In the previous week ended October 30, the reserves had swelled by $183 million to reach $560.715 billion. For the reporting week, the rise in reserves was primarily on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves.

The central bank’s weekly data, released on Friday, showed that FCAs rose by $6.403 billion to $524.742 billion.

Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the forex reserves.

After declining in the previous week, the gold reserves rose by $1.328 billion to $37.587 billion in the week ended November 6, as per the RBI data. The special drawing rights with the International Monetary Fund (IMF) rose by $7 million to $1.488 billion during the week. The country’s reserve position with the IMF also gained $40 million to $4.676 billion.

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