January 17, 2021 1:26:49 am
The country’s foreign exchange reserves rose by $758 million to reach a record high of $586.082 billion in the week ended January 8, data from the Reserve Bank of India (RBI) showed on Friday.
In the previous week ended January 1, the reserves had increased by $4.483 billion to $585.324 billion.
In the reporting week, foreign currency assets (FCAs), a major component of the overall reserves, rose by $150 million to $541.791 billion.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound sterling and Japanese yen held in the foreign exchange reserves.
The gold reserves climbed by $568 million to $37.594 billion, weekly data released by the central bank showed.
After remaining unchanged during the last week, the special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by $5 million to $1.515 billion.
The country’s reserve position with the IMF rose by $35 million to $5.181 billion in the week, according to data from the banking regulator.
The Reserve Bank functions as the custodian and manager of forex reserves, and operates within the overall policy framework agreed upon with the government.
The RBI allocates the dollars for specific purposes. The RBI also uses its forex kitty for the orderly movement of the rupee.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines