Forex reserves rise US$ 8.895 billion to record high of US$ 642.453 billion
- IBEF
- September 13, 2021
As per the RBI data, by September 3, 2021, the India’s foreign exchange reserves climbed by US$ 8.895 billion, reaching a new high of US$ 642.453 billion.
The reserves increased by US$ 16.663 billion to US$ 633.558 billion in the previous week, owing primarily to an increase in Special Drawing Rights (SDR) holdings. India received SDR 12.57 billion from the International Monetary Fund (IMF).
According to Reserve Bank of India (RBI), the increase was due to a gain in foreign currency assets (FCAs), a major component of overall reserves, for the week ending September 3, 2021.
According to the data, FCA increased by US$ 8.213 billion to US$ 579.813 billion in the reporting week.
The effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets when expressed in dollar terms.
The gold reserves increased by US$ 642 million to US$ 38.083 billion in the reporting period. The International Monetary Fund's (IMF) special drawing rights (SDRs) increased by US$ 29 million to US$ 19.437 billion.
According to the data, the country's reserve position with the IMF climbed by US$ 11 million to US$ 5.121 billion during the reporting week.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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