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India’s forex reserves reach all time high of $382.53 billion

Newspatrolling: In a report published by the RBI, it has been revealed that India’s forex reserves have reached an all-time high of $382.53 billion in the week to June 23. In just a week’s time, the forex reserves surged $576.4 million to create a new lifetime record of the highest forex reserves. The forex reserves had been rising in the past few weeks and in the week earlier to this, the reserves had surged by $799 million to reach $381.955 billion. RBI said that the surge in forex reserves is primarily due to the rise in foreign currency assets (FCAs).

FCAs are a key component of the overall forex reserves. In the reporting week, they had risen by $580.2 million to reach $358.664 billion. It may be recalled that FCAs are expressed in US dollar terms. One of the key things they account for is the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves. However, there has not been any change in India’s gold reserves. The gold reserves were unchanged at $20.095 billion.

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