Forex reserves surge $5.4 billion to all-time high of $560.532 billion

PTI Mumbai | Updated on October 30, 2020

The country’s foreign exchange reserves swelled by USD 5.412 billion to touch an all-time high of USD 560.532 billion in the week ended October 23, RBI data showed on Friday.

In the previous week ended October 16, the reserves stood at USD 555.12 billion after increasing by USD 3.615 billion.

During the reporting week, the surge in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a significant component of the overall reserves.

FCA rose by USD 5.202 billion to USD 517.524 billion, the RBI’s weekly 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 were up by USD 175 million in the reporting week to USD 36.860 billion, as per the central bank data.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 8 million to USD 1.487 billion.

The country’s reserve position with the IMF also climbed by USD 27 million to USD 4.661 billion during the reporting week, the data showed.

Published on October 30, 2020

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