Mumbai: The foreign exchange (forex) reserves of the country surged for the first time in last two months. The weekly statistical supplement data released by Reserve Bank of India (RBI) revealed this. The forex reserves by $204 million to $532.87 billion for the week ended October 7. This is the first increase since the week ended July 29.
The country’s forex reserves had reached an all-time high of $645 billion in last October. The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
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Foreign Currency Assets (FCAs) declined by $1.311 billion to $471.496 billion. The value of the gold reserves rose $1.35 billion to $38.955 billion. The Special Drawing Rights (SDRs) rose by $155 million to $17.582 billion. The country’s reserve position with the International Monetary Fund (IMF) rose by $10 million to $4.836 billion.
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