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Forex reserves surge by $4.525 billion to record $ 579.346 billion

The US dollar replaced technology stocks known as FAANGs in the US - Facebook, Apple, Amazon, Netflix and Google - and China’s BATs - Baidu, Alibaba and Tencent - as the most crowded trade for the first time since January, BAML survey found.Premium
The US dollar replaced technology stocks known as FAANGs in the US - Facebook, Apple, Amazon, Netflix and Google - and China’s BATs - Baidu, Alibaba and Tencent - as the most crowded trade for the first time since January, BAML survey found.

  • In the previous week ended November 27, the reserves had declined by USD 469 million to USD 574.821 billion. In the reporting week, the increase in reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves

MUMBAI : The country's foreign exchange reserves surged by USD 4.525 billion to touch a record high of USD 579.346 billion in the week ended December 4, the RBI data showed.

In the previous week ended November 27, the reserves had declined by USD 469 million to USD 574.821 billion. In the reporting week, the increase in reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves.

FCA rose by USD 3.932 billion to USD 537.386 billion, the Reserve Bank of India's (RBI) weekly 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 foreign exchange reserves. The gold reserves increased by USD 535 million in the reporting week to USD 35.728 billion in the week ended December 4, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by USD 12 million to USD 1.506 billion. The country's reserve position with the IMF increased by USD 46 million to USD 4.725 billion.

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