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India's Forex Exchange Reserves Surge By $3.074 Billion To Reach Record High Of $608.081 Billion

·1-min read

Continuing with its upward trajectory, India's foreign exchange reserves surged by $3.074 billion to a record high of $608.081 billion in the week which ended on 11 June, reports Economic Times.

Earlier in the previous week, the size of the forex kitty had grown by $6.842 billion to $605.008 billion.

As per the weekly data published by the Reserve Bank of India (RBI), the week ending 11 June saw foreign currency assets (FCAs) grow by $2.567 billion to $563.457 billion.

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

It should be noted that FCAs are a major component of the overall reserves which also includes gold reserves, the country's reserve position with the International Monetary Fund (IMF), and its special drawing rights (SDRs) with the IMF.

Further, the week ending 11 June saw gold reserves surge by $496 million to $38.101 billion, while SDRs with the IMF declined by $1 million to $1.512 billion. Meanwhile, the reserve position with the IMF increased by $11 million to $5.011 billion.

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