Forex Reserves (symbolic picture)
Forex in India: India’s foreign exchange reserves have reached a record high. In the week ended May 14, 2021, it increased by $ 2.865 billion to $ 592.894 billion.
New Delhi. The country’s foreign exchange reserves increased by $ 2.865 billion to $ 592.894 billion in the week ended May 21. It has reached near all-time high. The figures released on Friday by the Reserve Bank of India i.e. RBI show this.
Earlier, in the week ended May 14, foreign exchange reserves had increased by $ 563 million to $ 590.028 billion. The country’s foreign exchange reserves had earlier reached an all-time high of $ 590.185 billion on 29 January 2021.
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Increase in forex reserves due to increase in FCAIt said that the increase in foreign exchange reserves during the week ended 21 May 2021 was mainly due to increase in foreign currency assets i.e. FCA. It is a major part of foreign exchange reserves. According to the weekly data of the Reserve Bank, foreign currency assets rose by $ 1.649 billion to $ 548.519 billion during the week.
Foreign currency assets are expressed in dollars. In addition to the dollar, it also includes movements in the euro, pound and yen. It is part of the gross foreign exchange reserves.
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The country’s gold reserves also increased
During the week under review, the country’s gold reserves increased by $ 1.187 billion to $ 36.841 billion. Similarly, the Special Withdrawal Right (SDR) in the IMF increased by $ 7 million to $ 1.513 billion. At the same time, the position of the country’s reserves with the IMF increased by $ 22 million to $ 5.021 billion.