Forex Reserve of India breaks all records, crosses $ 550 billion for the first time
The country’s foreign exchange reserves have crossed $ 550 billion for the first time. According to the RBI data, in the week ended October 9, the forex reserves rose by $ 5.867 billion to reach $ 551.505 billion. Earlier in the week ending October 2, the forex reserves had jumped by $ 3.618 billion to $ 545.638 billion. According to the Reserve Bank data, the forex reserve crossed $ 500 billion in the week ending June 5, 2020.
The rise in forex reserves in the week ending October 9 is due to the increase in Foreign Currency Asset (FCA), which forms a major part of the total reserves. Foreign currency assets (FCA) increased by $ 5.737 billion to reach $ 508.783 billion for the week ended 9 October. FCA is written in dollars, but it also has the effect of fluctuations in the value of other non-dollar currency assets such as Euro, Pound and Yen in foreign currency assets.
Gold reserve value increased by $ 11.3 million
Gold reserve has also increased during the week ending 9 October. According to RBI data, gold reserves rose by $ 11.3 million to $ 36.598 billion during this period. The country’s Special Drawing Rights (SDR) in the International Monetary Fund (IMF) increased by $ 4 million to $ 1.480 billion. The country’s reserve position in the IMF also increased by $ 13 million to reach $ 4.644 billion.