India's Foreign Exchange Reserves Rise By 889 Million To All-Time High Of $621.464 Billion

In a positive development for the economy, India's foreign exchange reserves surged by $889 million to reach a lifetime high of $621.464 billion in the week which ended on 6 August, reports Economic Times.

In the week before this, the reserves had surged by $9.427 billion to reach $620.576 billion.

The surge in the latest reporting week was led by the foreign currency assets (FCAs) which form a major component of the overall reserves. FCAs rose by $1.508 billion to $577.732 billion in the week ended 6 August.

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.

Meanwhile, gold reserves were down by $588 million to $37.057 billion in the reporting week. Also, the country's special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $1 million to $1.551 billion.

In addition to this, the country's reserve position with the IMF also fell by $31 million to $5.125 billion.