India’s Foreign Exchange Reserves Continue To Soar, Hit All-Time High Of $473 Billion

India’s foreign exchange reserves continued to surge in week ended 7 February, hitting an all-time high of $473 billion, reports Times of India.

The RBI’s reserves rose by $1.70 billion during the week under review, official data showed on Friday (14 February).

According to the RBI’s weekly statistical supplement, the overall foreign exchange reserves increased to $473 billion from $471.30 billion reported for the week ended 31 January.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, rose by $1.93 billion to $439.18 billion.

Expressed in dollar terms, the foreign currency assets include the effect of depreciation or appreciation of non-US units like the euro, pound and yen held in the forex reserves.

However, the value of the country’s gold reserves declined by $218 million to $28.77 billion.

Similarly, the SDR value inched lower. It slipped by $2 million to $1.43 billion, while the country’s reserve position with the IMF fell by $16 million to $3.59 billion.

By: Swarajya Mag