India’s foreign exchange reserves (forex) climbed by USD 4.99 billion to touch a new lifetime high of USD 522.63 billion in the week to July 24, helped by currency accretion and increase in the value of gold reserves, RBI data showed on Friday. The overall reserves had swelled by USD 1.275 billion to USD 517.637 billion in the previous reporting week.
The reserves, seen as a major asset as the country undergoes the impact of the COVID-19 pandemic, had first crossed the half-a-trillion mark for the first time in the week ended June 5.
For the reporting week ended July 24, the foreign currency assets (FCA), a major component of the overall reserves, increased by USD 3.60 billion to USD 480.48 billion, the Reserve Bank 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 reserves.
Value of the gold reserves shot up by USD 1.357 billion to USD 36.10 billion, as per the central bank data. The special drawing rights with the International Monetary Fund (IMF) rose USD 9 million to USD 1.464 billion. The country’s reserve position with the IMF also increased by USD 25 million to USD 4.585 billion during the reporting week.