The country’s foreign exchange reserves rose by $2.681 billion to touch a new life-time high of $389.059 billion in the week to July 14, helped by increase in foreign currency assets (FCAs), RBI data showed. In the previous week, the reserves had marginally declined by $161.9 million to USD 386.377 billion. FCAs, a major component of overall reserves, surged by $2.677 billion to $364.908 billion, according to the RBI data. Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves remained unchanged at $20.348 billion. The special drawing rights with the International Monetary Fund (IMF) rose by $1.8 million to $1.479 billion. The country’s reserve position with the IMF too increased by $2.7 million to $2.322 billion.