New Delhi: The country's foreign exchange reserves rose $16.663 billion to a record high of $633.558 billion in the week ended August 27. The Reserve Bank of India (RBI) in its latest data on Friday gave this information. This increase in foreign exchange reserves is mainly due to an increase in special drawing rights (SDR) holdings. RBI said India's SDR stake in the critical week has increased from $17.866 billion to $19.407 billion.

State that the International Monetary Fund (IMF) allocates general SDR to its members in proportion to their current quota in a multilateral lending agency. SDR stake is one of the foreign exchange reserve components of a country and is extremely important. According to RBI, India's foreign exchange reserves had earlier fallen by $2.47 billion to $616.895 billion in the week ended August 20, 2021. Forex assets are an important part of foreign exchange reserves. During the critical week, it declined by $1.409 billion to $571.6 billion, a major component of overall reserves.

Dollar-wise foreign exchange assets also include the impact of an increase or fall in the value of other foreign currencies such as the euro, pound, and yen in foreign exchange reserves. The Gold Reserve rose $19.2 million to $37.441 billion. The country's reserves with IMF have increased by $1.4 million to $5.11 billion.

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