India’s foreign exchange reserves increase by $ 1.88 billion to a record high of $ 611.89 billion

The country’s foreign exchange reserves rose $ 1.883 billion to a record high of $ 611.895 billion in the week ending July 9, according to RBI data on Friday.

During the previous week ended July 2, reserves had jumped from $ 1.013 billion to $ 610.012 billion.

During the reporting week ended July 9, the increase in foreign exchange reserves was due to the increase in foreign exchange assets (FCA), a major component of aggregate reserves, according to weekly data from the Reserve Bank of India (RBI).

The FCA rose $ 1.297 billion to $ 568.285 billion in the week under review.

Expressed in dollars, foreign currency assets include the effect of the appreciation or depreciation of non-US units such as the euro, the pound and the yen held in foreign exchange reserves.

Gold reserves rose $ 584 million to $ 36.956 billion in the week of the report, the data showed.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at $ 1.547 billion.

The country’s reserve position with the IMF increased by $ 3 million to $ 5.107 billion during the week of the report, the data showed.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor


Source link

About Eric Harris

Eric Harris

Check Also

Tech Stocks Profit Snapshot Q2: Will the Tech Rally Continue?

Big tech report while hovering around all-weather highs Heading into the earnings seasons for US …