Forex reserves rise to record high of $560.715bn

Forex reserves rise to record high of $560.715bn

MUMBAI: The country’s foreign exchange reserves rose $183 million to touch a record high of $560.715 billion in the week ended October 30, RBI data showed on Friday.
In the previous week ended October 23, the reserves had jumped $5.412 billion to $560.532 billion.
In the reporting week, the reserves rose due to an increase in foreign currency assets (FCA), a major component of the overall reserves.
FCA rose by $815 million to $518.339 billion, the RBI’s weekly data showed.
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 declined $601 million in the reporting week to $36.259 billion, the RBI data showed.
The special drawing rights with the International Monetary Fund (IMF) decreased $6 million to $1.482 billion during the week.
The country’s reserve position with the IMF also declined by $25 million to $4.636 billion during the reporting week, the data showed.

Source From : Times Of India

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