Forex reserves rise by $1.013 billion to record high of $610.012 billion

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July 09, 2021 6:16 PM

In the previous week ended June 25, 2021, the reserves had jumped by $5.066 billion to reach $608.999 billion.

forex reserve, RBI, IMFDuring the reporting week, the rise in the forex kitty was mainly on account of an increase in FCA (Photo: IE)

The country’s foreign exchange reserves swelled by USD 1.013 billion to touch a lifetime high of USD 610.012 billion in the week ended July 2, RBI data showed on Friday. In the previous week ended June 25, 2021, the reserves had jumped by USD 5.066 billion to reach USD 608.999 billion.

During the reporting week, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA surged by USD 748 million to USD 566.988 billion, as per weekly data by the Reserve Bank of India (RBI).

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. Gold reserves climbed USD 76 million to USD 36.372 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by USD 49 million to USD 1.548 billion. The country’s reserve position with the IMF too increased by USD 139 million to USD 5.105 billion in the reporting week, the data showed.

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