India's forex reserves go up by $ 835 million to new high of $ 612.730 billion

India's forex reserves go up by $ 835 million to new high of $ 612.730 billion

Mumbai, July 24, 2021

Maintaining an uptrend for the fourth consecutive week, India's foreign exchange reserves went up by $ 835 million to a new high of $ 612.730 billion during the week ended July 16, 2021, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had surged by $ 1.883 billion to $ 611.895 billion during the previous week.

In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had increased by $ 463 million to $ 568.748 billion during the week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

According to the bulletin, the country’s gold reserves increased by $ 377 million to $ 37.333 billion, while its special drawing rights (SDRs) increased by $ 1 million to $ 1.548 billion.

The country's reserve position in the International Monetary Fund (IMF) went down by $ 7 million to $ 5.100 billion, the bulletin added.

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