A data released by the Reserve Bank of India (RBI) has revealed that the foreign exchange reserves of the country has touched a record high. The weekly statistical supplement issued by the RBI has revealed this.
The forex reserves has surged by US dollar 2.563 billion during the week ended 18 December to reach a record high of over US dollar 581 billion. Forex reserves has surged to US dollar 581.131 billion from US dollar 578.568 billion reported for the week ended 11 December.
India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).
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Foreign currency assets is the largest component of the forex reserves. FCAs is expressed in dollar terms. It includes the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.
FCAs mounted up by US dollar 1.382 billion to US dollar 537.727 billion. The value of the country’s gold reserves increased by US dollar 1.008 billion to US dollar 37.020 billion.
The SDR was up by by US dollar 12 million at US dollar 1.515 billion. India’s reserve position with the IMF increased by US dollar 160 million to US dollar 4.870 billion.