New Delhi: India’s foreign exchange (forex) reserves touch all-time high in the week ended on July 12. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
As per data, the forex reserves jumped by $9.699 billion to an all-time high of $666.854. In the previous reporting week, reserves had risen by $5.158 billion to $657.155 billion. The previous peak was $655.817 billion recorded on June 7 this year.
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.
For the week ending July 12, foreign currency assets, surged by $8.361 billion to $585.47 billion. Gold reserves also saw an increase of $1.231 billion, totaling $58.663 billion. Special Drawing Rights (SDRs) rose by $76 million to $18.111 billion. India’s reserve position with the International Monetary Fund (IMF) increased by $32 million to $4.609 billion during the reporting week.
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