India's Foreign Exchange Reserves Rise By $1.883 Billion To All-Time High Of $611.895 Billion

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.