India’s Forex Reserves Surges To Another Record High

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Business

oi-Olga Robert

By Staff

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Published: Saturday, December 12, 2020, 11:52 [IST]

Data from the Reserve Bank of India (RBI) showed that India’s foreign exchange reserves surged by $4.525 billion to touch a record high of $579.346 billion in the week ended 4 December.

In the previous week ended 27 November, reserves had declined by $469 million to $574.821 billion.

India's Forex Reserves Surges To Another Record High

In the reporting week, the increase in reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $3.932 billion to $537.386 billion.

Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves increased by $535 million in the reporting week to $35.728 billion in the week ended 4 December, as per RBI’s data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $12 million to $1.506 billion. The country’s reserve position with the IMF increased by $46 million to $4.725 billion.

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