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Friday, September 17, 2021

Propelled by gain in currency assets, foreign exchange reserves skyrocket past $620 billion

In the previous week ended July 23, the foreign exchange — or forex — reserves had declined by $1.581 billion to $611.149 billion.

By: ENS Economic Bureau | New Delhi |
August 8, 2021 12:55:24 am
FCA increased by $8.596 billion to $576.224 billion in the reporting week.

The Nation’s forex reserves surged by $9.427 billion to record high of $620.576 billion in the week ended July 30, according to the latest data from the RBI.

In the previous week ended July 23, the foreign exchange — or forex — reserves had declined by $1.581 billion to $611.149 billion.

In the reporting week ended July 30, the rise in the reserves 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 (RBI) weekly data released on Friday showed.

FCA 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.

Gold reserves were up by $760 million to $37.644 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $6 million at $1.552 billion.

The country’s reserve position with the IMF also increased $65 million to $5.156 billion in the reporting week, the data showed.

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