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India’s foreign exchange reserves touches to lifetime high

The weekly statistical supplement released by the Reserve bank of India (RBI) has revealed that the foreigh exchange reserves of India has touched an all-time high. The foreign exchange reserves of India climbed by by $5.412 billion, during the week ended 23 October to reach an unprecedented lifetime-high.

he forex reserves rose to $560.532 billion from $555.12 billion reported for the week ended 16 October.

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India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

FCAs which is the largest component of the forex reserves is 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. It edged higher by $5.202 billion to $517.524 billion.

The value of the country’s gold reserves also went up by $175 million to $36.860 billion.

The nation’s reserve position with the IMF increased by $27 million to $4.661 billion, while India’s special drawing rights with the IMF increased by $8 million to $1.487 billion.

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