Forex reserve reaches all-time high of $391 bn

Posted by Daily Shipping Times on 31-07-2017        Tweet

MUMBAI: India's foreign exchange reserves touched a new record high of $391.33 billion after it rose by $2.27 billion in the week to July 21, aided by an increase in foreign currency assets (FCAs), RBI data showed. In the previous week, the reserves had risen by $2.68 billion to $389.06 billion.

FCAs, a key component of overall reserves, surged by $2.24 billion to $367.15 billion, according to RBI data. Expressed in US dollar terms, FCAs include effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves.

Gold reserves remained unchanged at $20.35 billion. The special drawing rights with the International Monetary Fund (IMF) went up by $12.1 million to $1.491 billion.

The Country's reserve position with the IMF too increased by $19 million to $2.341 billion.