Forex reserves zoom to record high of $612.73 billion

Mumbai: The country's foreign exchange reserves rose by $835 million to touch a record high of $612.73 billion in the week ended July 16, 2021, RBI data showed. In the previous week ended July 9, 2021, the reserves had surged by $1.883 billion to $611.895 billion.
In the reporting week ended July 16, 2021, the increase in forex reserves was on account of the rise in foreign currency assets (FCA), Reserve Bank of India's (RBI) weekly data released on Friday showed.

The FCA, a major component of the overall reserves, rose by $463 million to $568.748 billion in the reporting week.

Expressed in dollar terms, 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 $377 million to $37.333 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) were up by $1 million at $1.548 billion.

The country's reserve position with the IMF declined by $7 million to $5.1 billion in the reporting week, the data showed.