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India’s foreign exchange reserves sets new record high

The foreign exchange reserves of India has appreciated in the week ended on July 24. This was revealed by the data released by the Reserve Bank of India (RBI). The foreign exchange reserves surged by US dollar 4.993 billion dollars to reach an all-time high of US dollar 522.63 billion .

The forex reserves had surpassed the historic US dollar 500 billion mark for the first time on 5 June. In the week ended 24 July, foreign currency assets jumped by US dollar 3.602 billion to US dollar 480.482 billion, while gold reserves jumped US dollar 1.357 billion to US dollar 36.1 billion. These two form the biggest part of the overall forex reserves of the nation which are managed by the Reserve Bank of India.

The foreign currency assets comprise of the value of euro, pound and yen currencies held in the reserves and calculated in dollar terms, accounting for any appreciation or depreciation in their value.

Meanwhile, the nation’s reserve position with the International Monetary Fund (IMF) also registered a marginal surge of US dollar 25 million to US dollar 4.585 billion.

The special drawing rights with the International Monetary Fund (IMF) rose US dollar 9 million to US dollar 1.464 billion.

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