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India’s forex reserve climbs to all-time high

The foreign exchange reserve of the country has touched all-time high. This was revealed by the Reserve Bank of India.

The forex reserve of the country was surged by US dollar .384 billion against US dollar 17.701 billion in the year-ago period.The reserves touched a new record high of $538.191 billion as on August 7, 2020. India now holds the fourth largest forex reserves in the world.

In the previous week ended July 31, the reserves had increased by $11.938 billion to reach $534.568 billion.In the week ended August 7, the forex kitty rose on the back of gains in foreign currency assets (FCAs), a major component of the overall reserves. FCAs rose by $1.464 billion to $492.293 billion in the reporting week, the RBI 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.

Gold reserves were up by $2.160 billion to $39.785 billion. The special drawing rights with the International Monetary Fund (IMF) increased $6 million to $1.481 billion. However, the country’s reserve position with the IMF declined by $7 million to $4.632 billion during the reporting week, the data showed.

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