Forex reserves rise by $8895 billion to a record high of $642453 billion

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Forex reserves rise by $8895 billion to a record high of $642453 billion

Mumbai, Sep 10 (PTI) The country’s foreign exchange reserves rose by $ 8.895 billion to a record high of $ 642.453 billion in the week ended September 3. The Reserve Bank of India (RBI) has given this information in its latest data on Friday.

Foreign exchange reserves had earlier increased by $16.663 billion to $633.558 billion during the week ended August 27. This increase was mainly due to increase in special drawing rights (SDR) holdings. The International Monetary Fund (IMF) had allocated USD 12.57 billion to India.

The weekly data released by the Reserve Bank of India (RBI) on Friday showed that this increase in forex reserves for the week ended September 3 was mainly due to the increase in foreign currency assets (FCA), which is a significant part of the total reserves. part happens.

The Reserve Bank said that India’s foreign currency assets (FCA) increased by $ 8.213 billion to $ 579.813 billion in the week under review.

Foreign currency assets, denominated in dollars, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves.

According to the data, gold reserves increased by $ 642 million to $38.083 billion in the reporting week.

The country’s special drawing rights (SDRs) with the IMF increased by $29 million to $19.437 billion. While the country’s foreign exchange reserves with the IMF increased by $ 11 million to $ 5.121 billion.

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