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India's forex kitty swells nearly $5 billion to fresh high of $522.63 billion.


Date: 05-08-2020
Subject: India's forex kitty swells nearly $5 billion to fresh high of $522.63 billion
India's foreign exchange reserves climbed by $4.99 billion to touch a new lifetime high of $522.63 billion in the week to July 24, helped by currency accretion and increase in the value of gold reserves, RBI data showed on Friday. The overall reserves had swelled by $1.275 billion to $517.637 billion in the previous reporting week. The reserves, seen as a major asset as the country undergoes the impact of the COVID-19 pandemic, had first crossed the half-a-trillion mark for the first time in the week ended June 5.

For the reporting week ended July 24, the foreign currency assets (FCA), a major component of the overall reserves, increased by $3.60 billion to $480.48 billion, the Reserve Bank data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the reserves.

Value of the gold reserves shot up by $1.357 billion to $36.10 billion, as per the central bank data.

The special drawing rights with the International Monetary Fund (IMF) rose $9 million to $1.464 billion.

The country's reserve position with the IMF also increased by $25 million to $4.585 billion during the reporting week.

Source:- moneycontrol.com

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