India's Foreign Exchange Reserves Rise By $3.618 Billion To Reach Record High Of $545.638 Billion

Swarajya Staff

Oct 10, 2020, 09:14 AM | Updated 09:14 AM IST

The RBI headquarters in Mumbai. (GettyImages)
The RBI headquarters in Mumbai. (GettyImages)

India’s foreign exchange reserves edged higher by $3.618 billion during the week ended 2 October to reach a record high of $545.638 billion, reports News18.

According to the Reserve Bank of India’s weekly statistical supplement, India's forex reserves rose to $545.638 billion from previous week's $542.02 billion.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the nation's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.104 billion to $503.046 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.

The value of the country’s gold reserves increased by $486 million to $36.486 billion.

Meanwhile, India's reserve position with the IMF increased by $23 million to $4.631 billion, and the nation's special drawing rights with the IMF increased marginally by $4 million to $1.476 billion.

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