India's forex reserves soar by $ 5.066 billion to new high of $ 608.999 billion

India's forex reserves soar by $ 5.066 billion to new high of $ 608.999 billion

Mumbai, July 2, 2021

India's foreign exchange reserves soared by $ 5.066 billion to a new high of $ 608.999 billion during the week ended June 25, 2021, the Reserve Bank of India (RBI) said here today.

Reversing a nine-week uptrend, the country's forex reserves had dipped by $ 4.148 billion to $ 603.933 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 risen by $ 4.700 billion to $ 566.240 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 $ 365 million to $ 36.296 billion, while its special drawing rights (SDRs) remained unchanged at $ 1.498 billion.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 1 million to $ 4.965 billion, the bulletin added.

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