India's Foreign Exchange Reserves Break All Records, Crosses $ 550 Billion For First Time

Oct 17 2020 11:33 AM
India's Foreign Exchange Reserves Break All Records, Crosses $ 550 Billion For First Time

New Delhi: Forex Reserve of the country has crossed $ 550 billion for the first time. According to the Reserve Bank of India (RBI) data, the foreign exchange reserves have increased by $ 5.867 billion to $ 551.505 billion for the week ended 9 October. Earlier in the week ending October 2, the forex reserves had increased by $ 3.618 billion to $ 545.638 billion. According to RBI data, the forex reserve crossed $ 500 billion in the week ending 5 June 2020 for the first time.

The rise in forex reserves in the week ending October 9 is due to the increase in foreign currency assets (FCA), which form a major part of the total reserves. Foreign currency assets (FCA) increased by $ 5.737 billion to reach $ 508.783 billion for the week ended October 9. FCA is written in dollars, but it also has the effect of fluctuations in the value of other non-dollar currency assets such as Euro, Pound and Yen present in foreign currency assets.

Gold reserves have also increased during the week ending October 9. According to RBI data, gold reserves rose by $ 11.3 million to $ 36.598 billion during this period. The country's Special Drawing Rights (SDR) increased by $ 4 million to $ 1.480 billion in International Monetary Fund (IMF). The reserve position of the country in the IMF has also increased by $ 13 million to reach $ 4.644 billion.

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