Forex reserves surge USD 7.78 bn to lifetime high of USD 568.494 bn

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November 13, 2020 6:46 PM

In the reporting week, the jump in reserves was mainly on account of an increase in foreign current assets (FCAs), a major component of the overall reserves. FCAs increased by USD 6.403 billion to USD 524.742 billion, the central bank's weekly data showed.

US Stocks, FED, Powell, coronavirus, economic recovery, risks, government support programsPowell feels the programs are likely needed beyond December 31, when many are due to expire.

The country’s foreign exchange reserves jumped by a massive USD 7.779 billion to touch a lifetime high of USD 568.494 billion in the week ended November 6, RBI data showed on Friday. In the previous week ended October 30, the reserves had increased by USD 183 million to USD 560.715 billion.

In the reporting week, the jump in reserves was mainly on account of an increase in foreign current assets (FCAs), a major component of the overall reserves. FCAs increased by USD 6.403 billion to USD 524.742 billion, the central bank’s weekly 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 foreign exchange reserves.

After declining in the previous week, the gold reserves rose by USD 1.328 billion to USD 37.587 billion in the week ended November 6, as per the Reserve Bank of India (RBI) data.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 7 million to USD 1.488 billion during the week.

The country’s reserve position with the IMF also increased by USD 40 million to USD 4.676 billion.

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