The country’s foreign exchange reserves (Foreign Exchange Reserves / Forex Reserves) increased by $ 1.193 billion to reach 582.406 billion dollars in the week ended 16 April. According to the data released on Friday of the Reserve Bank of India.
Due to this, foreign exchange reserves rose by $ 4.344 billion to reach 581.213 billion in the previous week. 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 16 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. According to the Reserve Bank’s weekly data, foreign currency assets rose by $ 1.13 billion to $ 540.585 billion during the week.
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.
According to the Reserve Bank data, gold reserves rose by 360 million dollars to 35.354 billion dollars during the week under review. Similarly, the Special Clearance Rights (SDR) in the IMF rose by $ 600 million to reach 1.498 billion dollars. At the same time, the position of the country’s reserves with the IMF increased by 23 million dollars to reach 4.969 billion dollars.