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India’s forex reserves hit $ 612.73 b record high

28 Jul 2021

India’s foreign exchange reserves rose by $ 835 million to touch a record high of $ 612.73 billion in the week ended 16 July 2021, RBI data showed. In the previous week ended 9 July 2021, the reserves had surged by $ 1.883 billion to $ 611.895 billion. In the reporting week, ended 16 July 2021, the increase in forex reserves was on account of the rise in foreign currency assets (FCA), Reserve Bank of India’s (RBI) weekly data released on Friday (23) showed. The FCA, a major component of the overall reserves, rose by $ 463 million to $ 568.748 billion in the reporting week. Expressed in dollar terms, 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 $ 377 million to $ 37.333 billion in the reporting week, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) were up by $ 1 million at $ 1.548 billion. The country’s reserve position with the IMF declined by $ 7 million to $ 5.1 billion in the reporting week. The foreign exchange reserves crossed the $ 600 billion mark for the first time after increasing by $ 6.842 billion in the week ended 4 June. The reserves surged to a record $ 605.008 billion in the reporting week, helped by a rise in foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI). In the previous week ended 28 May 2021, the reserves had swelled by $ 5.271 billion to $ 598.165 billion. In that week, FCA jumped by $ 7.362 billion to $ 560.890 billion, the data showed. Gold reserves declined by $ 502 million to $ 37.604 billion. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped $ 1 million to $ 1.513 billion. The country’s reserve position with the IMF also dropped by $ 16 million to $ 5 billion in the reporting week, the data showed. (The Print)  


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