India's foreign exchange reserves touch an all-time high of 551.505 billion dollars

Indias foreign exchange reserves touch an all-time high of 551.505 billion dollars
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India's foreign exchange reserves touch an all-time high of 551.505 billion dollars

Highlights

India's foreign exchange reserves have jumped by USD 5.867 billion to touch a new high of USD 551.505 billion in the week ended October 9, 2020, according to the Reserve Bank of India (RBI) data.

India's foreign exchange reserves have jumped by USD 5.867 billion to touch a new high of USD 551.505 billion in the week ended October 9, 2020, according to the Reserve Bank of India (RBI) data.

In the previous week ended October 2, 2020, the reserves had increased by USD 3.618 billion to USD 545.638 billion

During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets (FCA), which surged by USD 5.737 billion to USD 508.783 billion. FCA is a major part of the overall reserves.

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.

The gold reserves rose by USD 113 million in the reporting week to reach USD 36.598 billion, the RBI data showed. The country's special drawing rights with the International Monetary Fund (IMF) rose marginally by USD 4 million to USD 1.480 billion, while reserve position with the IMF also went up by USD 13 million to USD 4.644 billion.

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