Friday, May 7, 2021

Forex reserves up by $3.6 billion to record $545 billion

The country’s foreign exchange reserves rose by $3.618 billion to reach a life-time high of $545.638 billion in the week ended October 2, 2020 the RBI data showed. In the previous week ended September 25, the reserves had declined by $3.017 billion to $542.021 billion. During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets (FCA), a major component of the overall reserves. FCA increased by $3.104 billion to $503.046 billion in the week ended October 2, the 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.
Gold reserves were up by $486 million in the reporting week to $36.486 billion, the RBI data showed.
The special drawing rights with the International Monetary Fund (IMF) rose by $4 million to $1.476 billion during the week. The country’s reserve position with the IMF was also up by $23 million to $4.631 billion during the reporting week, the data showed.

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