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India's Foreign Exchange Reserves Rise By $11.93 Billion To Reach Record High Of $534.56 Billion
The Reserve Bank of India office in Mumbai. (GettyImages)
India's foreign exchange reserves have risen by $11.93 billion to a new record high of $534.56 billion during the week ended 31 July, reports Moneycontrol.
India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and India's reserve position with the International Monetary Fund (IMF).
On a weekly basis, the foreign currency assets (FCAs), which is the largest component of the forex reserves, increased by $10.34 billion to $490.82 billion, the RBI's weekly statistical supplement said.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.
Apart from the FCAs, the value of India's gold reserves also surged by $1.52 billion to $37.62 billion.
The special drawing rights with the International Monetary Fund (IMF) also rose by 12 million to $1.47 billion.
Meanwhile, the country's reserve position with the IMF inched up by $54 million to $4.63 billion.
The forex reserves had crossed the half-a-trillion dollar mark for the first time in the week-ended 5 June, after it had risen by $8.22 billion to $501.70 billion.
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