Forex reserves rise by $ 83 million to new record level

The country’s foreign exchange reserves have crossed $612 billion for the first time, increasing for the fourth consecutive week.

The Reserve Bank today said that for the week ended July 16, foreign exchange reserves increased by $ 835 million to a record level of $ 612.73 billion. Earlier in the week ended July 09, it was at $ 611.90 billion with an increase of $ 1.88 billion.
The forex asset, the largest component of forex reserves, rose $463 million to $568.75 billion in the week ended July 16. During this period, gold reserves also increased by $ 377 million to $ 37.33 billion.

Reserves with the International Monetary Fund declined by $7 million to $5.1 billion in the week under review, while special drawing rights increased by $1 million to $1.55 billion.