India News | Forex Kitty Swells Nearly USD 5 Bn to Fresh High of USD 522.63 Bn
Get latest articles and stories on India at LatestLY. India's foreign exchange reserves climbed by USD 4.99 billion to touch a new lifetime high of USD 522.63 billion in the week to July 24, helped by currency accretion and increase in the value of gold reserves, RBI data showed on Friday.
Mumbai, Jul 31 (PTI) India's foreign exchange reserves climbed by USD 4.99 billion to touch a new lifetime high of USD 522.63 billion in the week to July 24, helped by currency accretion and increase in the value of gold reserves, RBI data showed on Friday.
The overall reserves had swelled by USD 1.275 billion to USD 517.637 billion in the previous reporting week.
The reserves, seen as a major asset as the country undergoes the impact of the COVID-19 pandemic, had first crossed the half-a-trillion mark for the first time in the week ended June 5.
For the reporting week ended July 24, the foreign currency assets (FCA), a major component of the overall reserves, increased by USD 3.60 billion to USD 480.48 billion, the Reserve Bank data showed.
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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 reserves.
Value of the gold reserves shot up by USD 1.357 billion to USD 36.10 billion, as per the central bank data.
The special drawing rights with the International Monetary Fund (IMF) rose USD 9 million to USD 1.464 billion.
The country's reserve position with the IMF also increased by USD 25 million to USD 4.585 billion during the reporting week.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)