Mumbai: India’s foreign exchange (forex) reserves touched new life-time high in the week ended on August 30. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. This is for third week in a row that the forex reserves is ganing.
India’s forex reserves jumped by $2.299 billion to a new high of $683.987 billion for the week ended on August 30.In the previous reporting week, the forex reserves had jumped $7.023 billion to a high of $681.688 billion. The overall reserves had jumped $4.546 billion to $674.664 billion in the previous reporting week. The forex reserves had fallen by $4.8 billion in the week ended on August 9. This was the biggest decline in four months. The reserves had reached a record high of $674.92 billion in the week to August 2.
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.
Gold reserves increased by $862 million to $61.859 billion during the week ended August 30. Foreign currency assets increased by $1.485 billion to $599.037 billion. The special drawing rights (SDRs) were up by $9 million to $18.468 billion. India’s reserve position with the IMF was down by $58 million to $4.622 billion in the reporting week.
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