India's forex reserves surge by $ 9.427 billion to new high of $ 620.576 billion

India's forex reserves surge by $ 9.427 billion to new high of $ 620.576 billion

Mumbai, August 6, 2021

India's foreign exchange reserves surged by $ 9.427 billion to a new high of $ 620.576 billion during the week ended July 30, 2021, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had, reversing a four-week uptrend, dipped by $ 1.581 billion to $ 611.149 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 soared by $ 8.596 billion to $ 576.224 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 $ 760 million to $ 37.644 billion, while its special drawig rights (SDRs) increased by $ 6 million to $ 1.552 billion.

The country's reserve position in the International Monetary Fund (IMF) went down by $ 65 million to $ 5.156 billion, the bulletin added.

NNN

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