Forex Reserves Increase By $8.8 Billion To Touch Record High Of $642.45 Billion

In the previous week ended August 27, the reserves had surged $16.663 billion to $633.558 billion, mainly due to a rise in Special Drawing Rights (SDR) holding

The country's foreign exchange reserves increased by USD 8.895 billion to reach a record high of USD 642.453 billion in the week ended September 3, RBI data showed. In the previous week ended August 27, the reserves had surged $16.663 billion to $633.558 billion, mainly due to a rise in Special Drawing Rights (SDR) holdings. International Monetary Fund (IMF) had made an allocation of SDR 12.57 billion to India. For the week ended September 3, the increase was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves, Reserve Bank of India''s (RBI) weekly data released on Friday showed. FCA rose by $ 8.213 billion to $ 579.813 billion in the reporting week, according to the 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.