A data released by the Reserve Bank of India (RBI) has revealed that the foreign exchange reserves of the country has surged by US dollar 3.108 billion during the week ended 10 July. The forex reserve has reach an all-time high figure of US dollar 516.362 billion from US dollar 513.254 billion reported for the week ended 3 July.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and India’s reserve position with the International Monetary Fund (IMF).
FCAs, the largest component of the forex reserves, edged up by US dollar 2.372 billion to US dollar 475.635 billion. 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.
Similarly, the value of the country’s gold reserves increased by US dollar 712 million to US dollar 34.729 billion. The special drawing rights with the International Monetary Fund (IMF) rose US dollar 5 million to US dollar 1.453 billion. Meanwhile, the country’s reserve position with the IMF inched up by US dollar 19 million to US dollar 4.545 billion.
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