India’s forex reserves grow $8.895 bn to new record high of $642.453
India’s foreign exchange reserve grew $8.895 billion to reach new record high of $642.453 billion in the week ended September 3, 2021, showed data shared by Reserve Bank of India (RBI).
Foreign currency assets (FCAs) accounted for the bulk of growth during the week, rising $8.213 billion to $579.813 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves increased by $642 million to $38.083 billion, RBI data showed.
Special Drawing Rights (SDRs) allocation by International Monetary Fund (IMF) grew $29 million during the week under consideration. SDR holdings are part of the foreign exchange reserves of a country. IMF makes the general SDR allocation to its members in proportion to their existing quotas in the Fund.
A SDR allocation of $17.86 billion had taken the nation’s forex kitty to previous record high of $633.558 billion in the week ended August 27.
India’s reserve position in IMF rose by $11 million to $5.121 billion during the week under consideration.
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