India's foreign exchange reserves have soared to a lifetime high of $611.895 billion, reports Moneycontrol.
According to the RBI's weekly statistical supplement, the foreign exchange reserves surged by $1.883 billion to $611.895 billion in the week ended 9 July.
In the previous week, the reserves had surged by $1.013 billion to $610.012 billion.
The rise in the forex reserves was driven by the rise in foreign currency assets (FCA) that form a major component of the overall reserves. The FCAs surged by $1.297 billion to $568.285 billion in the week ended 9 July.
Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Other than these, gold reserves went up by $584 million to $36.956 billion.
Meanwhile, India's special drawing rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at $1.547 billion.
At the same time, the reserve position of India with the IMF increased by $3 million to $5.107 billion.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.