Forex

Forex reserves rise to $542.013 billion

PTI Mumbai | Updated on September 11, 2020 Published on September 11, 2020

The yuan jumped to a near three-week high of 6.9703 per dollar helped by the dollar's softness and signs of stabilisation in the epidemic in China. File Photo   -  Reuters

The country’s foreign exchange reserves rose by $582 million to reach a lifetime high of $542.013 billion in the week ended September 4, RBI data showed on Friday.

In the previous week ended August 28, the reserves had surged by $3.883 billion to $541.431 billion.

In the reporting week, the foreign currency assets (FCA), a major component of the overall reserves, increased by $269 million to $498.362 billion, the data showed.

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

The gold reserves rose by $321 million in the reporting week to $37.521 billion, as per the central bank data.

The special drawing rights with the International Monetary Fund (IMF) marginally increased by $2 million to $1.482 billion.

The country’s reserve position with the IMF declined by $9 million to $4.647 billion during the reporting week.

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Published on September 11, 2020
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