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Forex reserves surge to record $579.3 bn

In the previous week ended November 27, the reserves had declined by $469 million to $574.821 billion.

By: ENS Economic Bureau | New Delhi | December 13, 2020 2:55:19 am
Foreign currency assets, a major component of the overall reserves, rose by $3.932 billion to $537.386 billion, the Reserve Bank of India’s weekly data showed.

The country’s foreign exchange reserves surged by $4.525 billion to touch a record high of $579.346 billion in the week ended December 4, the RBI data showed.

In the previous week ended November 27, the reserves had declined by $469 million to $574.821 billion.

In the reporting week, the increase in reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $3.932 billion to $537.386 billion, the Reserve Bank of India’s (RBI) weekly data showed.

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.

The gold reserves increased by $535 million in the reporting week to $35.728 billion in the week ended December 4, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $12 million to $1.506 billion. The country’s reserve position with the IMF increased by $46 million to $4.725 billion.

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