India’s forex reserves climb USD 3.883 bn to record USD 541.431 bn

By: |
September 4, 2020 7:42 PM

The gold reserves were down by USD 64 million in the reporting week to USD 37.2 billion, as per the RBI data.

FCAs increased by USD 3.925 billion to USD 498.094 billion, the central bank data showed.

The country’s foreign exchange reserves surged by USD 3.883 billion to touch a lifetime high of USD 541.431 billion in the week ended August 28, RBI data showed on Friday. In the previous week ended August 21, the reserves had risen by USD 2.296 billion to USD 537.548 billion. In the reporting week, the forex kitty rose mainly on the back of a jump in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs increased by USD 3.925 billion to USD 498.094 billion, the central bank 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.

The gold reserves were down by USD 64 million in the reporting week to USD 37.2 billion, as per the RBI data. The special drawing rights with the International Monetary Fund (IMF) remained unchanged at USD 1.481 billion. The country’s reserve position with the IMF rose by USD 22 million to USD 4.657 billion during the reporting week, the data showed.

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