Foreign exchange reserves (symbolic picture)
According to the Reserve Bank data, the growth in the FCA in the week ending May 7, 2021 has led to the rise in Forex Reserves.
New Delhi. The country’s foreign exchange reserves (Foreign Exchange Reserves / Forex Reserves) increased by $ 1.444 billion to reach $ 589.465 billion in the week ended May 7. According to the data released on Friday of the Reserve Bank of India (Reserve Bank of India). Earlier, in the week ended April 30, the foreign exchange reserves had increased by $ 3.913 billion to reach $ 589.02 billion. The country’s foreign exchange reserves had reached an all-time high of $ 590.185 billion on 29 January 2021. Also read- Gold Price Today: Gold becomes cheaper on Akshaya Tritiya! Constant fall in prices, check latest rates quickly Increase in foreign exchange reserves due to increase in FCAIt said that the increase in foreign exchange reserves during the week ending May 7, 2021 was mainly due to increase in foreign currency assets, ie FCA (Foreign Currency Assets). It is a major part of foreign exchange reserves. Foreign currency assets increased by $ 43.4 million to $ 546.493 billion during the week, according to the Reserve Bank’s weekly data. 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. The country’s gold reserves also increased
The country’s gold reserves rose by $ 1.016 billion to $ 36.48 billion during the week under review. Similarly, the Special Clearance Rights (SDR) in the IMF increased by $ 4 million to $ 1.503 billion. At the same time, the position of the country’s reserves with the IMF increased by $ 1 million to reach $ 4.989 billion.