Mumbai: Foreign exchange reserves of India rose by $591 million to $616.733 billion for the week ending January 26. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. In the previous reporting week, the overall reserves had fallen by $2.795 billion to $616.143 billion. The country’s forex kitty had reached an all-time high of $645 billion in October 2021.
Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.
Also Read: Bharat Mobility Global Expo 2024: Tata Motors unveils Curvv SUV: Details
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.
The foreign currency assets increased $289 million to $546.144 billion. Gold reserves increased $269 million to $47.481 billion during the week. The Special Drawing Rights (SDRs) were up $27 million to $18.248 billion. India’s reserve position with the IMF was up $6 million to $4.86 billion in the reporting week.
Post Your Comments