Foreign exchange reserves of India touch new lifetime high

Mumbai:  India’s foreign exchange (forex) reserves touched new life-time high    in the week ended on September 20.  The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. This is for sixth week in a row that the forex reserves is gaining.

India’s foreign exchange reserves surged by $2.83 billion to touch a new lifetime high of $692.29 billion dollars in the week ending the 20th of September.  India’s forex reserves jumped $223 million to a fresh all-time high of $689.458 billion for the week ended September 13. The forex kitty had jumped by $5.248 billion to a record $689.235 billion for the previous reporting week. In nearly a month between August 9 and September 13, India’s foreign exchange rose by 2.88 per cent from $670.119 billion to $689.458.

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.

India’s foreign exchange reserves surged by $2.83 billion to touch a new lifetime high of $692.29 billion dollars in the week ending the 20th of September.

The foreign currency assets, a major part of the overall foreign exchange reserves, increased by $2.057 billion  to $605.686 billion . Gold reserves also increased by $726 million  during the week to reach $63.61 billion . The country’s special drawing rights with the International Monetary Fund went up by $121 million  to reach $18.54 billion. India’s reserve position with the IMF was down by $66 million to $4.458 billion in the reporting week.