Forex

Forex reserves surge to life-time high of $545.638 billion

PTI Mumbai | Updated on October 09, 2020 Published on October 09, 2020

The country’s foreign exchange reserves rose by USD 3.618 billion to reach a life-time high of USD 545.638 billion in the week ended October 2, 2020, the RBI data showed.

In the previous week ended September 25, the reserves had declined by USD 3.017 billion to USD 542.021 billion.

During the reporting week, the increase in forex kitty was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves. FCA increased by USD 3.104 billion to USD 503.046 billion in the week ended October 2, 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.

Gold reserves were up by USD 486 million in the reporting week to USD 36.486 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 4 million to USD 1.476 billion during the week.

The country’s reserve position with the IMF was also up by USD 23 million to USD 4.631 billion during the reporting week, the data showed.

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Published on October 09, 2020
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