ECONOMYforex reserves: Forex reserves rise by $1.013 billion to...

forex reserves: Forex reserves rise by $1.013 billion to record high of $610.012 billion

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The country’s foreign exchange reserves swelled by $1.013 billion to touch a lifetime high of $610.012 billion in the week ended July 2, RBI data showed on Friday. In the previous week ended June 25, 2021, the reserves had jumped by $5.066 billion to reach $608.999 billion.

During the reporting week, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves.

FCA surged by $748 million to $566.988 billion, as per weekly data by the Reserve Bank of India (RBI).

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 climbed $76 million to $36.372 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $49 million to $1.548 billion.

The country’s reserve position with the IMF too increased by $139 million to $5.105 billion in the reporting week, the data showed.

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