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India's foreign exchange reserves up by US$ 1.492 billion to US$ 641 billion

IBEF:  October 25, 2021

India’s foreign exchange reserves soared by US$ 1.492 billion to reach US$ 641.008 billion in the week ended on October 15, according to RBI data showed.

In the previous week ended October 8, the reserves had soared by US$ 2.039 billion to US$ 639.516 billion. The reserves had reached a lifetime high of US$ 642.453 billion in the week ended on September 3, 2021.

In the reporting week ended October 15, the increase in the forex fund was primarily on account of an increase in foreign currency assets (FCAs), a major element of the overall reserves.

FCAs rose by US$ 950 million to US$ 577.951 billion, as per weekly data by the Reserve Bank of India (RBI).

Stated in dollar terms, the foreign currency assets include the impact of appreciation or depreciation of non-US units like the euro, pound and yen kept in the foreign exchange reserves.

Gold reserves climbed by US$ 557 million to US$ 38.579 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dropped by US$ 21 million to US$ 19.247 billion.

The country's reserve position with the IMF grew by US$ 6 million to US$ 5.231 billion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.