India's Foreign Exchange Reserves Rise By $2.563 Billion To Reach Record High Of $581.131 Billion

Swarajya Staff

Dec 26, 2020, 08:39 AM | Updated 08:39 AM IST

The Reserve Bank of India office in Mumbai. (GettyImages)
The Reserve Bank of India office in Mumbai. (GettyImages)

India's foreign exchange reserves rose by $2.563 billion during the week ended 18 December to reach a record high of over $581 billion.

According to the Reserve Bank of India's weekly statistical supplement, the reserves increased to $581.131 billion from $578.568 billion reported for the week ended 11 December.

India's forex reserves comprise of 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 $1.382 billion to $537.727 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.

Similarly, the value of the country's gold reserves increased by $1.008 billion to $37.020 billion.

Besides, the SDR value stood higher by $12 million at $1.515 billion.

In addition, the country's reserve position with the IMF increased by $160 million to $4.870 billion.

(With inputs from IANS)

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