Foreign exchange reserves (symbolic picture)
According to the Reserve Bank data, the growth in FCA in the week ending 16 April 2021 has led to a rise in Forex Reserves.
Due to this, foreign exchange reserves rose by $ 4.344 billion to reach 581.213 billion in the previous week. The country’s foreign exchange reserves had reached an all-time high of $ 590.185 billion on 29 January 2021.
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Increase in foreign exchange reserves due to increase in FCAIt states that the increase in foreign exchange reserves during the week ending 16 April 2021 is mainly due to increase in foreign currency assets i.e. FCA (Foreign Currency Assets). It is a major part of foreign exchange reserves. According to the Reserve Bank’s weekly data, foreign currency assets rose by $ 1.13 billion to $ 540.585 billion during the week.
Foreign currency assets are expressed in dollars. In addition to the dollar, the variation in the euro, pound and yen is also included. It is part of the gross foreign exchange reserves.
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The country’s gold reserves also increased
According to the Reserve Bank’s data, the gold reserves in the week under review rose by 360 million dollars to 35.354 billion dollars during this period. Similarly, the Special Clearance Rights (SDR) in the IMF increased by $ 600 million to reach 1.498 billion dollars. At the same time, the position of the country’s reserves with the IMF increased by 23 million dollars to reach 4.969 billion dollars.