India’s forex reserves at record high of $439.71 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.

Written by FE Bureau

October 19, 2019 02:33 IST

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Gold reserves decreased by $399 million to $26.77 billion.

Foreign exchange reserves increased by $1.87 billion to hit a record high of $439.712 billion as on October 11, according to data from the RBI. In the previous week, the reserves had increased by $4.23 billion to $437.83 billion. Foreign currency assets (FCA), which form a key component of reserves, rose by $2.26 billion to $407.88 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 decreased by $399 million to $26.77 billion. Special drawing rights (SDR) from the IMF increased by $2 million to $1.43 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion of their quota.

This article was first uploaded on October nineteen, twenty nineteen, at thirty-three minutes past two in the night.