Wednesday, November 25, 2020

Forex reserves surge $4.277 billion to record high of $572.771 billion

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MUMBAI: The country’s foreign exchange reserves swelled by $4.277 billion to a lifetime high of $572.771 billion in the week ended November 13, RBI data showed on Friday.
In the previous week ended November 6, the reserves had risen by a massive $7.779 billion to $568.494 billion.
In the reporting week, the jump in reserves was on account of an increase in foreign current assets (FCAs), a major component of the overall reserves.
FCAs climbed by $5.526 billion to $530.268 billion, the Reserve Bank of India’s weekly 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 declined by $1.233 billion in the reporting week to $36.354 billion, as per the data.
The special drawing rights with the International Monetary Fund (IMF) remained unchanged at $1.488 billion.
The country’s reserve position with the IMF dipped by $15 million to $4.661 billion during the reporting week.

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