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Foreign Exchange Reserves Rise By $9.42 Billion To Record High Of $ 620.57 Billion

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Forex Reserves Rise By $9.42 Billion To Record High Of $620.57 Billion

Gold reserves were up by $760 million to $37.644 billion in the reporting week

The country’s foreign exchange reserves surged by $ 9.427 billion to record high of $ 620.576 billion in the week ended July 30, according to the latest RBI data. In the previous week ended July 23, the 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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