Mumbai: Foreign exchange reserves of India hit all-time high in the week ended on June 7. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. Forex reserves had surged $4.307 billion to a new all-time high of $ 655.817 billion. In the previous reporting week, the overall reserves had $4.837 billion to $651.51 billion.
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.
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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.
According to the weekly statistical supplement by RBI, foreign currency assets increased by $3.773 billion to $576.337 billion for the week ended June 7.Gold reserves increased $481 million to $56.982 billion during the week. The Special Drawing Rights (SDRs) were up $ 43 million to $18.161 billion. India’s reserve position with the IMF was up $10 million to $4.336 billion in the reporting week.
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