Forex reserves surge by $9.42 billion to all-time high of $620.57 billion

By: |
August 06, 2021 8:21 PM

In the previous week ended July 23, the reserves had declined by $1.581 billion to $611.149 billion.

Foreign exchange reserves In the reporting week ended July 30, the rise in the reserves was on the back of an increase in foreign currency assets, a major component of the overall reserves, the RBI's weekly data released on Friday showed.

The country’s foreign exchange reserves surged by USD 9.427 billion to record high of USD 620.576 billion in the week ended July 30, according to the latest RBI data.

In the previous week ended July 23, the reserves had declined by USD 1.581 billion to USD 611.149 billion.

In the reporting week ended July 30, the rise in the reserves was on the back of an increase in foreign currency assets (FCAs), a major component of the overall reserves, the Reserve Bank of India’s (RBI) weekly data released on Friday showed.

FCA increased by USD 8.596 billion to USD 576.224 billion in the reporting week.

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 were up by USD 760 million to USD 37.644 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by USD 6 million at USD 1.552 billion.

The country’s reserve position with the IMF also increased USD 65 million to USD 5.156 billion in the reporting week, the data showed.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? 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
1ADB scales down India’s economic growth forecast for this fiscal to 10 pc
2Demand Seen: Loan guarantee scheme to stay through FY22
3Kharif foodgrain output estimated at record 150.50 MT this year