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India’s forex reserves at new record high of $523 billion.


Date: 01-08-2020
Subject: India’s forex reserves at new record high of $523 billion
Forex reserves continued to hit record high levels as they rose by $4.993 billion for the week ended July 24 to $522.63 billion, according to the latest data put out by the Reserve Bank of India (RBI).

Foreign currency assets (FCA), which form a key component of reserves, rose by $3.602 billion to $480.482 billion. FCAs are maintained in major currencies like the US dollar, euro, pound sterling and Japanese yen. Movement in the FCA occurs mainly on account of purchase or sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets.

Gold rose by $1.357 billion to $36.10 billion. Special drawing rights (SDR) from the IMF increased by $9 million to $1.464 billion while the reserve position in the IMF increased by $25 million to $4.585 billion.

Source:- financialexpress.com

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