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Forex Reserves Climb $1.27 Billion to Record Peak of $517.637 Billion

Image for representation

Image for representation

The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, after it had increased by $ 8.223 billion to reach $ 501.703 billion.

  • PTI
  • Last Updated: July 24, 2020, 11:58 PM IST
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The country's foreign exchange reserves surged by $ 1.275 billion to touch a fresh lifetime high of $ 517.637 billion in the week to July 17, RBI data showed. In the previous week, reserves had swelled by $ 3.108 billion to $ 516.362 billion.

The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, after it had increased by $ 8.223 billion to reach $ 501.703 billion. In the week ended July 17, the reserves rose due to an increase in foreign currency assets (FCA), which is a major component of the overall reserves.

FCA was up by $ 1.245 billion to $ 476.880 billion in the reporting week, the central bank data showed.  Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the reserves.

Gold reserves were up by $ 13 million to $ 34.743 billion, as per the data. The special drawing rights with the International Monetary Fund (IMF) rose $ 2 million to $ 1.455 billion.

The country's reserve position with the IMF also increased by $ 15 million to $ 4.560 billion during the reporting week.

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