At $423.5 Billion, India’s Forex Nearing All-Time High; Special Drawing Rights at IMF Running at $1.45 billion

Rising towards a new all-time high, India’s foreign exchange reserves soared by $1.686 billion, peaking at $423.554 billion by the end of the first week of June, as per Reserve Bank of India (RBI) data.

The Forex reserves had seen an increase in the previous week by $1.875 billion to $421.867 billion. The reserves had hit the all-time high of $426.028 billion in April 2018, reports Economic Times.

Foreign currency assets, which rose by $1.666 billion in the reporting week, form the major portion of the reserves at $395.801 billion, the apex bank said. These assets include the effect of appreciation/depreciation of non-US currencies like the euro, pound and yen held in the reserves and are expressed in USD.

By the virtue of all the above-said trends, the special drawing rights of India at the International Monetary Fund(IMF) saw a rise of $6.1 million to $1.449 billion. India’s IMF reserves is now running at $3.3345 billion, spiking by $14 million last week.

In the meantime, the gold reserves remained unchanged at $22.958 billion.