Forex reserves at new record level

The country’s foreign exchange reserves have crossed $612 billion for the first time, increasing for the fourth consecutive week. According to the data received from the Reserve Bank, 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 had increased by $ 1.88 billion to $ 611.90 billion.

The forex asset, the largest component of forex reserves, rose by $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 rose by $1 million to $1.55 billion.