Forex Reserves Touch Life Time High of $555.12 Billion: RBI Data

The country’s foreign exchange reserves touched a life time high of USD 555.12 billion after it surged by USD 3.615 billion in the week ended October 16, according to RBI data. In the previous week ended October 9, 2020, the reserves had increased by USD 5.867 billion to reach USD 551.505 billion.

During the latest reporting week, the rise in total reserves was due to a sharp rise in Foreign Currency Assets (FCAs), a major component of the overall reserves. FCA jumped by USD 3.539 billion to USD 512.322 billion, the data showed. Expressed in dollar terms, FCAs 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 86 million in the reporting week to USD 36.685 billion.

The special drawing rights with the International Monetary Fund (IMF) remained unchanged at USD 1.480 billion during the reporting week. The country’s reserve position with the IMF declined by USD 11 million to USD 4.634 billion during the reporting week, as per the data.