Mumbai: The foreign exchange reserve of the country has touched all-time high. This was revealed by the Reserve Bank of India. The forex reserve of the country was surged by US dollar 16.663 billion to reach at an all-time high of US dollar 633.558 billion in the week ended August 27. This was mainly due to an increase in Special Drawing Rights (SDR) holdings.
The special drawing rights with the International Monetary Fund (IMF) rose by US dollar 17.866 billion to US dollar 19.407 billion. Reserve bank of India said that the International Monetary Fund (IMF) made an allocation of SDR 12.57 billion (equivalent to around US dollar 17.86 billion at the latest exchange rate) to India on August 23, 2021.SDR holdings are part of the foreign exchange reserves of a country. IMF makes the general SDR allocation to its members in proportion to their existing quotas in the Fund.
India’s forex kitty had declined by US dollar 2.47 billion to US dollar 616.895 billion in the previous week ended August 20.
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Foreign currency assets (FCAs), a major component of the overall reserves, dipped by US dollar 1.409 billion to US dollar 571.6 billion in the reporting week, the RBI data showed. 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 were up by US dollar 192 million to US dollar 37.441 billion. The country’s reserve position with the IMF rose by US dollar 14 million to US dollar 5.11 billion in the reporting week, the data showed.
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