Forex reserves hit record high at $440.75 billion

By: |
Published: October 26, 2019 1:15 AM

Special drawing rights (SDR) from the IMF increased by $9 million to $1.44 billion.

Movement in the FCA occurs mainly on account of purchase or sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets.

India’s foreign exchange reserves increased by $1.039 billion to hit a record high of $440.751 billion as on October 18, according to data from the Reserve Bank of India (RBI).

In the previous week, the reserves had increased by $1.879 billion to hit $439.712 billion. Foreign currency assets (FCAs), which form a key component of reserves, rose by $931 million to $408.811 billion. FCAs are maintained in major currencies like the US dollar, euro, pound sterling and Japanese yen.

Movement in the FCA occurs mainly on account of purchase or sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets.

Gold reserves rose by $82 million to $26.861 billion. Special drawing rights (SDR) from the IMF increased by $9 million to $1.44 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion of their quota. The reserve position in the IMF rose by $17 million to $3.64 billion, the central bank said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

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

Next Stories
1COVID-19 impact: United Breweries expects normalcy to return only after FY21
2Ajay Tyagi gets 18 months’ extension as SEBI chairman
3Global shares up as investors monitor US stimulus talks