India's foreign exchange reserves rose sharply along with gold

New Delhi: The country's foreign exchange reserves have increased by $1.492 billion to $641.008 billion in the week ended October 15. The Reserve Bank of India (RBI) has released data in this regard on Friday. In the previous week ended October 8, there was an increase of $2.039 billion in reserves and it was $639.516 billion. The reserve had hit an all-time high of $642.453 billion in the week ending September 3, 2021.

In the week ending October 15, the main reason for the increase in foreign exchange reserves was the increase in foreign currency assets (FCAs), which form a major part of the total reserves. According to the weekly data released by the Reserve Bank of India (RBI), FCAs have risen by $950 million to $577.951 billion. Explain that viewed in dollar terms, foreign currency assets include the effect of rising or fall in non-US units such as the euro, pound and yen, which are included in foreign exchange reserves.

According to the data, the reserve of gold also increased by $557 million to $38.579 billion in the reporting week. At the same time, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) have come down by $21 million to $19.247 billion. The country's reserve position with the IMF has increased by $6 million to $5.231 billion.

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