FCA in the week ending 23 April 2021 has led to a rise in Forex Reserves

The country’s foreign exchange reserves (Foreign Exchange Reserves / Forex Reserves) increased by $ 1.701 billion to reach $ 584.107 billion in the week ended April 23. According to the data released on Friday of the Reserve Bank of India.

In the previous week, the foreign exchange reserves had increased by $ 1.193 billion to reach 582.406 billion. The country’s foreign exchange reserves had reached an all-time high of $ 590.185 billion on 29 January 2021.

It said that the increase in foreign exchange reserves during the week ending 23 April 2021 was mainly due to increase in foreign currency assets i.e., FCA (Foreign Currency Assets). It is a major part of foreign exchange reserves. Foreign currency assets rose by $ 1.062 billion to $ 541.647 billion during the week, according to the Reserve Bank’s weekly data.

Foreign currency assets are expressed in dollars. In addition to the dollar, the variation in the euro, pound and yen is also included. It is part of the gross foreign exchange reserves.

Gold reserves rose by $ 61.5 million to reach $ 35.969 billion during this period. This information has been obtained from statistics. Similarly, the Special Clearance Rights (SDR) in the IMF increased by $ 7 million to reach $ 1.505 billion. At the same time, the position of the country’s reserves with the IMF increased by 18 million dollars to reach 4.987 billion dollars.