India's forex reserves climb to record $538.19 billion in week ended August 7

The country's foreign exchange reserves swelled by USD 3.623 billion to a record high of USD 538.191 billion in the week ended August 7, RBI data showed on Friday.  In the previous week ended July 31, the reserves had increased by USD 11.938 billion to reach USD 534.568 billion.  The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, 2020, after it had jumped by USD 8.223 billion to USD 501.703 billion.

In the week ended August 7, the forex kitty rose on the back of gains in foreign currency assets (FCAs), a major component of the overall reserves.  FCAs rose by USD 1.464 billion to USD 492.293 billion in the reporting week, the RBI data showed.

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 were up by USD 2.160 billion to USD 39.785 billion.

The special drawing rights with the International Monetary Fund (IMF) increased USD 6 million to USD 1.481 billion. However, the country's reserve position with the IMF declined by USD 7 million to USD 4.632 billion during the reporting week, the data showed.

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