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India’s foreign exchange reserves hit a record high

Mumbai: The foreign exchange reserves of India has touched a record high according to the weekly statistical supplement released by the Reserve Bank of India. As per the data released by RBI, the foreign exchange reserves surged by 6.842 billion, during the week, ended on 4 June to touch the lifetime high of US dollar 605.008 billion. The forex reserve was at US dollar 598.165 billion on 28 May.

The foreign exchange reserve of India comprises of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).  The FCAs is expressed in dollar terms. It is the largest component of the forex reserves.  It includes the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

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FCAs surged by US dollar 7.362 billion to US dollar 560.890 billion.  The value of the country’s gold reserves has dropped by US dollar 502 million to US dollar 37.604 billion. The  SDR value fell by US dollar 1 million at US dollar 1.513 billion. Also, the country’s reserve position with the IMF slipped down by US dollar 16 million to US dollar 5 billion.


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