India's forex reserves surge by $ 8.895 billion to new high of $ 642.453 billion
Mumbai, September 10, 2021
India's foreign exchange reserves surged by $ 8.895 billion to a new high of $ 642.453 billion during the week ended September 3, 2021, the Reserve Bank of India (RBI) said here today.
The country's forex reserves had soared by a whoppping $ 16.663 billion to $ 633.558 billion during the previous week due to an allocation of Special Drawing Rights equivalent to around $17.866 billion made by the International Monetary Fund (IMF).
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 $ 8.213 billion to $ 579.813 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 rose by $ 642 million to $ 38.083 billion, while its special drawing rights (SDRs) increased by $ 29 million to $ 19.437 billion.
The country's reserve position in the International Monetary Fund (IMF) went up by $ 11 million to $ 5.121 billion, the bulletin added.