Forex reserves zoom to record high of $612.73 billion

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India’s foreign exchange reserves rose by $835 million to touch a record high of $612.73 billion in the week ended July 16, 2021, data from the Reserve Bank of India (RBI) showed.

In the previous week ended July 9, 2021, the reserves had surged by $1.883 billion to $611.895 billion. In the week ended July 16, 2021, the increase in forex reserves was on account of the rise in foreign currency assets (FCA) which rose by $463 million to $568.748 billion, the weekly data showed.

Gold reserves were up by $377 million to $37.333 billion in the reporting week, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) were up by $1 million at $1.548 billion.

The country’s reserve position with the IMF declined by $7 million to $5.1 billion in the reporting week, the data showed.