Forex reserves touch record high of $389.059 billion

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Mumbai | July 21, 2017 11:02 PM

The country's foreign exchange reserves rose by USD 2.681 billion to touch a new life-time high of USD 389.059 billion in the week to July 14, helped by increase in foreign currency assets (FCAs), RBI data showed.

Forex, foreign exchange reserves, foreign currency assets, RBI,  Reserve Bank of India, FCA, International Monetary Fund, IMFFCAs, a major component of overall reserves, surged by USD 2.677 billion to USD 364.908 billion, according to the RBI data. (Image Source: Reuters)

The country’s foreign exchange reserves rose by $2.681 billion to touch a new life-time high of $389.059 billion in the week to July 14, helped by increase in foreign currency assets (FCAs), RBI data showed. In the previous week, the reserves had marginally declined by $161.9 million to USD 386.377 billion. FCAs, a major component of overall reserves, surged by $2.677 billion to $364.908 billion, according to the RBI data. Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

Gold reserves remained unchanged at $20.348 billion. The special drawing rights with the International Monetary Fund (IMF) rose by $1.8 million to $1.479 billion. The country’s reserve position with the IMF too increased by $2.7 million to $2.322 billion.

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