Forex reserves rise by $ 889 million to a record $ 621.46 billion

This week also there has been a record increase in foreign exchange reserves. The country’s foreign exchange reserves increased by $ 889 million to touch an all-time record of $ 621.464 billion in the week ended August 6, 2021. Reserve Bank of India RBI gave this information in its latest data released late Friday evening.

According to RBI data, forex reserves had increased by $ 9.427 billion to $ 620.576 billion for the week ended July 30, 2021. According to the weekly data of the Reserve Bank, the increase in foreign exchange reserves in the week under review was due to increase in foreign currency assets (FCAs), which are a major component of the overall reserves.
During this period, FCA increased by $1.508 billion to $577.732 billion. Foreign currency assets, expressed in dollar terms, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves. According to the data, gold reserves declined by $588 million to $37.057 billion during this period.

It is noteworthy that the Special Drawing Rights (SDR) with the International Monetary Fund has come down by $ 1 million to $ 1.551 billion. According to the Reserve Bank, India’s foreign exchange reserves with the IMF declined by $ 31 million to $ 5.125 billion during the week under review.