Tag: foreign currency assets

India’s forex reserves increase USD 1.9 bn to USD 642 bn, BFSI News, ET BFSI

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India’s forex reserves have increased by USD 1.919 billion to USD 642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold, the Reserve Bank said on Friday. The overall reserves had declined by USD 908 million to USD 640.1 billion at the end of the previous reporting week.

Foreign currency assets, a major part of the overall reserves, increased by 1.363 billion to USD 578.462 billion for the reporting week, the RBI said in the weekly data.

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.

Value of the gold reserves increased by USD 572 million to USD 39.012 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by USD 17 million to USD 19.304 billion. The country’s reserve position with the IMF increased by USD 1 million to USD 5.242 billion in the reporting week, the data showed.

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“India’s merchandise exports in October 2021 was USD 35.47 billion, an increase of 42.33 per cent over USD 24.92 billion in October 2020 and an increase of 35.21 per cent over USD 26.23 billion in October 2019,” as per an official statement.

At the interbank forex market, the rupee opened strong at 74.64 against the greenback and later gained strength to settle at 74.46, a level not seen since October 5. The local unit moved in a range of 74.46 to 74.64 in the day trade.

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India’s Forex reserves rise by $2.04 billion to $639.51 billion, BFSI News, ET BFSI

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The country’s foreign exchange reserves rose by $2.039 billion to $639.516 billion in the week ended October 8, according to RBI data. In the previous week ended October 1, the reserves had dipped by $1.169 billion to $637.477 billion. The reserves had surged by $8.895 billion to a lifetime high of $642.453 billion in the week ended September 3.

During the reporting week ended October 8, the rise in the reserves was on account of an increase in the Foreign Currency Assets (FCAs), Reserve Bank of India‘s (RBI) weekly data released on Friday showed.

FCA rose by $1.55 billion to $577.001 billion in the reporting week, as per the data.

Expressed in dollar terms, FCA 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 were up by $464 million to $38.022 billion in the reporting week.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $28 million to $19.268 billion.

The country’s reserve position with the IMF declined by $3 million to $5.225 billion in the reporting week, the data showed.



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