Forex reserves rise $3.07 bn to lifetime high of $608.08 bn

MUMBAI: The country’s foreign exchange reserves surged by $3.074 billion to reach a record high of $608.081 billion in the week ended June 11, the latest data from the Reserve Bank of India (RBI) showed on Friday.

The reserves had increased by $6.842 billion to $605.008 billion in the previous week ended June 4, 2021.

In the reporting week ended June 11, the rise in reserves was on account of an increase in foreign currency assets (FCA), a major component of the overall reserves, the RBI’s weekly data showed.

FCA rose by $2.567 billion to $563.457 billion, as per the data.

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.

After declining in the previous week, the gold reserves rose by $496 million to $38.101 billion in the reporting week, according to the data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $1 million to $1.512 billion.

The country’s reserve position with the IMF increased by $11 million to $5.011 billion in the reporting week, the data showed.

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