Forex reserves hit all-time high

In the previous week ended Jun 26, the reserves had increased by $1.27 billion to $506.84 billion.

By Author  |  Published: 10th Jul 2020  10:53 pm
Forex

Mumbai: The country’s foreign exchange reserves surged by a massive $6.47 billion to touch an all-time high of $513.25 billion in the week ended July 3, the latest data from the Reserve Bank of India (RBI) showed.

In the previous week ended Jun 26, the reserves had increased by $1.27 billion to $506.84 billion. The reserves had crossed the half-a-trillion dollar mark for the first time in the week ended June 5 after it had increased $8.22 billion and reached $501.70 billion.

In the week ended July 3, the reserves rose due to an increase in foreign currency assets (FCA), which is the major component of the overall reserves. FCA was up by $5.66 billion to $473.26 billion in the reporting week, 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. The gold reserves were up by $495 million in the reporting week to $34.02 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) rose $4 million to $1.45 billion. The country’s reserve position with the IMF also increased $259 million to $4.526 billion during the reporting week, the data showed.