India’s Foreign Exchange Reserves Increased By $6.842 Billion To Touch The Lifetime High Of Over $ 605.008 Billion

• ByStartupStory     |    June 12, 2021

India’s foreign exchange reserves rose by $6.842 billion breaking the record by reaching the lifetime high of over $600 billion. As per the reports by the Reserve Bank of India weekly statistical supplement of the week ended on 28 May the reserves increased to $605.008 billion from $598.165 billion.

India’s foreign exchange reserves consist of foreign currency assets (FCAs), special drawing rights (SDRs), gold reserves, and the country’s reserve position with the International Monetary Fund (IMF). On a weekly basis, the largest component of the forex reserves, FCAs, edged higher by $7.362 billion to $560.890 billion.

However, the foreign currency assets comprise of effect on appreciation or depreciation of non-US units like yen, pound and euro in the Indian foreign exchange reserves. Moreover, the country’s gold reserves value fell by $502 million to $37.604 billion. Likewise, the SDR value fell from $1 million to $1.513 billion. Furthermore, the Country’s reserve position with the IMF lowered by $16 million to $5 million.

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