Forex Reserves Climb by $11.9 Billion to All-time High of $534.5 Billion

So far in FY2020-21 (up to July 31), the reserves have risen by USD 56.8 billion, he had said. In the week ended July 24, reserves had increased by USD 4.993 billion to USD 522.630 billion. The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5.

In the week ended July 31, the reserves rose due to gains in foreign currency assets (FCA), a major component of the overall reserves. FCAs were up by USD 10.347 billion to USD 490.829 billion in the reporting week, the RBI data showed.

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. Gold reserves were up by USD 1.525 billion in the reporting week to USD 37.625 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 12 million to USD 1.475 billion. The country’s reserve position with the IMF also increased by USD 54 million to USD 4.639 billion during the reporting week, the data showed.