India's forex reserves rise by $ 889 million to new high of $ 621.464 billion

India's forex reserves rise by $ 889 million to new high of $ 621.464 billion

Mumbai, August 14, 2021

Maintaining an uptrend for the second consecutive week, India's foreign exchange reserves rose by $ 889 million to a new high of $ 621.464 billion during the week ended August 6, 2021, the Reserve Bank of India (RBI) said here on Friday.

The country's foreign exchange reserves had surged by $ 9.427 billion to $ 620.576 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 gone up by $ 1.508 billion to $ 577.732 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 fell by $588 million to $ 37.057 billion, while its special drawing rights (SDRs) declined by $ 1 million to $ 1.551 billion.

The country's reserve position in the International Monetary Fund (IMF) went down by $ 31 million to $ 5.125 billion, the bulletin added.

NNN

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