Forex reserves rise by USD 5.867 bn to lifetime high of USD 551.505 bn

By: |
October 16, 2020 5:57 PM

During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by USD 5.737 billion to USD 508.783 billion.

In the previous week ended October 2, 2020, the reserves had increased by USD 3.618 billion to USD 545.638 billion.In the previous week ended October 2, 2020, the reserves had increased by USD 3.618 billion to USD 545.638 billion.

The country’s foreign exchange reserves surged by USD 5.867 billion to touch a record high of USD 551.505 billion in the week to October 9, according to the RBI data.

In the previous week ended October 2, 2020, the reserves had increased by USD 3.618 billion to USD 545.638 billion.

During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by USD 5.737 billion to USD 508.783 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.

The gold reserves were up by USD 113 million in the reporting week to USD 36.598 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 4 million to USD 1.480 billion during the week.

The country’s reserve position with the IMF was also up by USD 13 million to USD 4.644 billion during the reporting week, the data showed.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Capex target: Oil & gas, coal PSUs told to stick to FY21 plan
2GST shortfall: Punjab, Bengal, others to choose Option 1, Kerala demurs
3Kisan Credit Card scheme: Rs 1.35 lakh crore credit sanctioned achieved