India’s forex reserves rise by $1.492 bn to $641 bn

New Delhi: India’s foreign exchange reserves rose by $1.492 billion to reach $641.008 billion in the week ending October 15, news agency PTI reported citing Reserve Bank of India (RBI) data.

The forex reserves increased by $ 2.039 billion to $639.516 billion in the previous week which ended on October 8. The forex reserves rose to a record lifetime high of $ 642.453 billion in the week ending on September 3, 2021.

In the week ending on October 15, the rise in the forex reserves was primarily due to an increase in foreign currency assets (FCAs) which is a major component of the overall reserves. The FCAs increased by $950 million to $577.951 billion, according to data released by the Reserve Bank of India (RBI).

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 data also showed that the gold reserves also climbed by $ 557 million to $38.579 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $21 million to $19.247 billion. India’s reserve position with the IMF rose by $6 million to $5.231 billion.

Image courtesy of thesatimes

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