India’s forex reserves surge to record $392.86 billion
Mumbai: India’s foreign exchange reserves, or forex reserves, surged by $1.536 billion to touch a new record of $392.867 billion during the week to 28 July, data released by the Reserve Bank of India (RBI) showed.
In the previous week, forex reserves had increased by $2.27 billion to $391.33 billion.
The surge in India’s forex reserves was driven by rise in foreign currency assets (FCAs).
FCAs, a major component of the overall forex reserves, rose by $1.609 billion to USD 368.759 billion, the RBI data showed. Expressed in US dollar terms, FCAs include effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves.
Gold reserves remained unchanged at $20.35 billion.
The special drawing rights with the International Monetary Fund (IMF) went up by $3.9 million to $1.495 billion. The country’s reserve position with the IMF declined by $77.2 million to $2.263 billion, RBI said.