The country’s foreign exchange reserves rose by $1.492 billion to reach $641.008 billion in the week ended October 15, RBI data showed on Friday. In the previous week ended October 8, the reserves had increased by $2.039 billion to $639.516 billion. The reserves had touched a lifetime high of $642.453 billion in the week ended September 3, 2021.
In the reporting week ended October 15, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves FCAs rose by $950 million to $577.951 billion, as per weekly data by the Reserve Bank of India (RBI).
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 climbed by $557 million to $38.579 billion in the reporting week, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $21 million to $19.247 billion. The country’s reserve position with the IMF rose by $6 million to $5.231 billion.