The country’s exchange reserves have crossed $ 550 billion for the first time. Consistent with the RBI data, within the week ended October 9, the forex reserves rose by $ 5.867 billion to succeed in $ 551.505 billion. Earlier, within the week ending October 2, the forex reserves had jumped by $ 3.618 billion to $ 545.638 billion.
Consistent with the Federal Reserve Bank data, the forex reserve crossed $ 500 billion yen within the week ending June 5, 2020.
Increase in Foreign Currency Assets
The rise in forex reserves within the week ending October 9 is due to a rise in Foreign Currency Assets (FCA), which forms a major part of the total reserves. Foreign currency assets (FCA) increased by $ 5.737 billion to succeed in $ 508.783 billion for the week ended 9 October. The FCA’s data is written in dollars, but it also has the effect of fluctuations within the value of other non-dollar currency assets like the euro, pound and yen in foreign currency assets.
Gold Reserves Rose to $ 36.598 Billion
The gold reserve has also increased during the week ending 9 October. consistent with RBI data, gold reserves rose by $ 11.3 million to $ 36.598 billion yen during this era. The country’s Special Drawing Rights (SDR) within the International fund (IMF) increased by $ 4 million to $ 1.480 billion. The country’s reserve position within the IMF also increased by $ 13 million to succeed in $ 4.644 billion.
SDR in IMF has Increased
In addition, the country’s SDR within the IMF has increased by $ 4 million dollars to 1.480 billion yen. At an equivalent time, the country’s reserve position within the IMF has also increased by 13 million dollars to $ 4.644 billion. Let us inform you that earlier the exchange reserves reached a record high of $ 534.57 billion during the week ended July 31, rising by $ 11.94 billion. The second and gold reserves increased by $ 1.53 billion yen to 37.63 billion yen.