India’s foreign exchange (forex) reserves surged to all-time high as it rose by $5.066 billion to touch a record high of $608.999 billion in the week ended June 25, the Reserve Bank of India (RBI) data showed on Friday. The forex kitty had slipped by $4.148 billion to reach $603.933 billion in the previous week due to a fall in gold and currency assets.
During the week under review, the increase in the forex reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves, the weekly data showed. FCA rose by $4.7 billion to USD 566.24 billion.
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.
On the other hand, gold reserves rose by $365 million to USD 36.296 billion in the period under review.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at USD 1.498 billion.
The country’s reserve position with the IMF increased marginally by USD 1 million to USD 4.965 billion in the week, the data showed.
Source: PTI
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