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India's Forex Reserves Surge By $3.9 Billion To Reach Lifetime High Of $541.5 Billion
RBI office in Mumbai. (Aniruddha Chowdhury/Mint via Getty Images)
India’s foreign exchange reserves jumped higher by $3.883 billion, during the week ended 28 August to reach an unprecedented lifetime-high, reports Financial Express.
Reserve Bank of India’s weekly statistical supplement states, the reserves rose to $541.431 billion from $537.548 billion reported for the week ended 21 August.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.925 million to $498.094 billion.
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.
However, the value of the country’s gold reserves fell by $64 million to $37.2 billion.
Also, the nation's reserve position with the IMF increased by $22 million to $4.657 billion.
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