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Business News/ News / India/  Forex reserves climb USD 1.27 bn to record peak of USD 517.637 bn

Mumbai: The country's foreign exchange reserves surged by USD 1.275 billion to touch a fresh lifetime high of USD 517.637 billion in the week to July 17, RBI data showed.

In the previous week, reserves had swelled by USD 3.108 billion to USD 516.362 billion.

The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, after it had increased by USD 8.223 billion to reach USD 501.703 billion.

In the week ended July 17, the reserves rose due to an increase in foreign currency assets (FCA), which is a major component of the overall reserves.

FCA was up by USD 1.245 billion to USD 476.880 billion in the reporting week, the central 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.

Gold reserves were up by USD 13 million to USD 34.743 billion, as per the data.

The special drawing rights with the International Monetary Fund (IMF) rose USD 2 million to USD 1.455 billion.

The country's reserve position with the IMF also increased by USD 15 million to USD 4.560 billion during the reporting week.

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This story has been published from a wire agency feed without modifications to the text.

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Updated: 24 Jul 2020, 07:36 PM IST
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