The foreign exchange reserves of India has surged. The data released by the Reserve Bank of India (RBI) has revealed this.
India’s foreign exchange reserves climbed higher by $2.296 billion, during the week ended 21 August. The reserves rose to $537.548 billion from $535.252 billion reported for the week ended 14 August.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).
FCAs is the the largest component of the forex reserves.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. FCAs edged higher by $2.618 million to $494.168 billion.
However, the value of the country’s gold reserves fell by $331 million to $37.264 billion. The SDR value rose by $2 million to $1.481 billion. In addition, the country’s reserve position with the IMF increased by $6 million to $4.634 billion.
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