New Delhi: India’s foreign exchange (forex) reserves touch all-time high in the week ended on July 19. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
As per RBI data, India’s foreign exchange (forex) reserves surged by $4 billion to hit a fresh all-time high of $670.857 billion. The overall reserves had jumped $9.699 billion to an all-time high of $666.854 billion in the week ended July 12.
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.
The RBI’s gold reserves rose $1.329 billion to $59.992 billion during the week. Foreign currency assets increased by $2.578 billion to $588.048 billion during the week. The special drawing rights (SDRs) were up by $95 million to $18.207 billion. India’s reserve position with the IMF were unchanged at $4.610 billion in the reporting week.
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