Monday, May 20, 2024

India’s foreign exchange reserves jumped highest ever in last week

India’s foreign exchange reserves have reached the highest it has ever so far: It jumped by $3.883 billion during the week ending August 28, as per a report in the Financial Express.

The weekly statistical supplement of India by the Reserve Bank of India (RBI) states that the reserves have risen to 541.431 billion from $537.548 billion reported in the week ending August 21.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.925 million to $498.094 billion.

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.

However, the value of the country’s gold reserves fell by $64 million to $37.2 billion.

Also, the nation’s reserve position with the IMF increased by $22 million to $4.657 billion.

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