Forex reserves climb $3.1 billion to record $516.362 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 forex reserves.

The country’s foreign exchange reserves swelled by USD 3.108 billion to a record high of USD 516.362 billion in the week to July 10, RBI data showed.  In the previous week ended July 3, the reserves had increased by USD 6.416 billion to USD 513.54 billion.  The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, after it had risen by USD 8.223 billion to reach USD 501.703 billion.

In the week ended July 10, the forex kitty increased mainly due to a jump in foreign currency assets (FCA), which is a major component of the overall reserves.  FCA was up by USD 2.372 billion to USD 475.635 billion in the reporting week, the Reserve Bank 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 forex reserves.  Gold reserves were up by USD 712 million to USD 34.729 billion, as per the central bank data.  The special drawing rights with the International Monetary Fund (IMF) rose USD 5 million to USD 1.453 billion.  The country’s reserve position with the IMF also increased by USD 19 million to USD 4.545 billion during the reporting week.

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