India's forex reserves rise by $3.623 billion to record $538.191 billion

India's forex reserves rise by $3.623 billion to record $538.191 billion

The country's foreign exchange reserves swelled by $3.623 billion to a record high of $538.191 billion in the week ended August 7, RBI data showed on Friday. In the previous week ended July 31, the reserves had increased by $11.938 billion to reach $534.568 billion.

The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, 2020, after it had jumped by $8.223 billion to $501.703 billion.

In the week ended August 7, the forex kitty rose on the back of gains in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs rose by $1.464 billion to $492.293 billion in the reporting week, the RBI 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 were up by $2.160 billion to $39.785 billion.

The special drawing rights with the International Monetary Fund (IMF) increased $6 million to $1.481 billion.

However, the country's reserve position with the IMF declined by $7 million to $4.632 billion during the reporting week, the data showed.