India’s forex reserves have reached a new lifetime high of $621.5 billion.
According to RBI data released on Friday, the country’s foreign exchange reserves grew by $889 million to a lifetime high of $621.464 billion in the week ending August 6, 2021. The reserves increased by $9.427 billion to $620.576 billion in the week ending July 30, 2021.
According to Reserve Bank of India weekly data, the increase in the forex kitty was owing to a growth in foreign currency assets (FCAs), a major component of overall reserves, in the reporting week (RBI).
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In the reporting week, FCAs increased by $1.508 billion to $577.732 billion.
The effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets when expressed in dollar terms.
The data indicated that gold reserves fell by $588 million to $37.057 billion in the reporting week.
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The International Monetary Fund’s (IMF) special drawing rights (SDRs) fell by $1 million to $1.551 billion.
The country’s reserve position with the International Monetary Fund (IMF) has also decreased by $31.
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