India’s forex reserves at new life-time high of $430.57 bn

According to latest Reserve Bank of India (RBI) data, India’s foreign exchange (forex) reserves surged to new life-time high of US $430.572 billion in week to August 9, 2019. It was on account of rise in foreign currency assets, the major component of the overall reserves. In the previous reporting week ended on August 2, 2019 forex reserves had declined by US $697.2 million to US $428.952 billion.

Various components of Forex reserves (in reporting week)

Foreign currency assets (FCA): It increased by US $15.2 million to US $398.739 billion.

It is expressed in dollar terms and includes effect of depreciation/appreciation of non-US currency units (US Dollar) like euro, pound and yen held in reserves.

Gold reserves: It surged by US $1.591 billion to US $26.754 billion.

Special drawing rights (SDR) with the International Monetary Fund (IMF): Increased US $6.7 million to US $1.441 billion.

Reserve position with IMF: It rose by US $7 million to US $3.636 billion.

Month: Current Affairs - August, 2019