Tag: forex reserve

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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SDRs boost India’s forex reserves by over $16 bn, BFSI News, ET BFSI

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Mumbai, An exponential rise in India’s Special Drawing Rights allocation aided in the accural of over $16.663 billion into India’s foreign exchange reserves during the week ended August 27.

In financial parlance, SDRs are international reserve assets which are created by the International Monetary Fund (IMF) and are periodically allocated to its members in proportion to their quotas.

The SDR balances are equivalent to liquid balances in convertible currencies in almost every aspect.

Accordingly, the Reserve Bank of India’s (RBI) forex reserves increased to $633.558 billion from $616.895 billion reported for the week ended August 20.

Earlier in the week, the RBI said that IMF has made an allocation of SDR 12.57 billion which is equivalent to around $17.86 billion at the latest exchange rate to India on August 23.

“The total SDR holdings of India now stands at SDR 13.66 billion (equivalent to around $19.41 billion at the latest exchange rate) as on August 23, 2021.”

As per the RBI’s weekly statistical supplement, India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country’s reserve position with the IMF.

However, on a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.409 billion to $571.600 billion.

On the other hand, the value of the country’s gold reserves rose by $192 million to $37.441 billion.

Similarly, the SDR value rose. It increased by a whopping $17.866 billion to $19.407 billion.

In addition, the country’s reserve position with the IMF rose by $14 million to $5.110 billion.



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