The foreign exchange reserves of the country has surged up. This was revealed by the data provided by Reserve Bank of India (RBI). The data released by RBI revealed that the forex reserve were appreciated by US dollar 1.27 billion .
In the week ended on 26 June, the forex reserve has rised to 506.838 billion US dollar from 505.566 billion US dollar. India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and India’s reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs, the largest component of the forex reserves, edged up by US dollar 565 million to US dollar 467.603 billion. 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 value of the country’s gold reserves increased by US dollar 7.07 million to US dollar 33.523 billion. However, the SDR value slipped by US dollar 3 million to US dollar 1.444 billion. The country’s reserve position with the IMF inched up by US dollar 3 million to US dollar 4.267 billion.