India’s FOREX touch a lifetime high

India s FOREX touch a lifetime high pardesi news 1494306104

India’s FOREX reserves touch record high at $372.73 billion, says the Indian central bank.

According to the Reserve Bank of India (RBI) weekly statistical supplement, India’s foreign exchange (FOREX) reserves have increased by $1.594 billion to touch a lifetime high of $372.73 billion in the week that ended on April 28. The RBI’s reserve position with the IMF has also increased by $15.8 million to reach $2.347 billion, in this period.

The components of India’s Foreign Exchange Reserves include: Foreign currency assets (FCAs) Gold Special Drawing Rights (SDRs) RBI’s Reserve position with International Monetary Fund (IMF). The recent increase was due to increase in the FCAs. Importantly, the FCA constitutes the largest component of the FOREX Reserves. FCA surged $1.569 billion to $349.055 billion in the reporting week. FCAs consist of US dollar and other major non-US global currencies.

Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves. It also comprises of investments in US Treasury bonds, bonds of other selected governments, deposits with foreign central and commercial banks. While the Gold reserves have remained unchanged at $19.869 billion, SDRs’ value has increased $8.5 million to reach $1.460 billion.

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Patrick Callahan

Pardesi News Reporter

Pardesi News Reporter

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