Foreign Exchange Reserves Rise $16.663 Billion To Touch Record High Of $633.5 Billion

India's foreign exchange kitty had declined by $2.47 billion to $616.895 billion within the earlier week

The nation's overseas trade reserves soared by $16.663 billion to the touch a lifetime excessive of $633.558 billion within the week ended August 27, primarily on account of a rise in Special Drawing Rights (SDR) holdings, RBI information confirmed.

On Wednesday, RBI had stated the International Monetary Fund (IMF) made an allocation of SDR 12.57 billion (equal to round $17.86 billion on the newest trade charge) to India on August 23, 2021.

SDR holdings are a part of the overseas trade reserves of a rustic. IMF makes the overall SDR allocation to its members in proportion to their present quotas within the Fund.

In the reporting week ended August 27, 2021, the nation's SDR holdings rose by $17.866 billion to $19.407 billion, as per weekly information launched by the Reserve Bank of India (RBI) on Friday.

India's foreign exchange kitty had declined by $2.47 billion to $616.895 billion within the earlier week ended August 20, 2021.

Foreign forex belongings (FCAs), a serious part of the general reserves, dipped by $1.409 billion to $571.6 billion within the reporting week, the information confirmed.

Expressed in greenback phrases, the overseas forex belongings embody the impact of appreciation or depreciation of non-US models just like the euro, pound and yen held within the overseas trade reserves.
Gold reserves have been up by $192 million to $37.441 billion.

The nation's reserve place with the IMF rose by $14 million to $5.11 billion within the reporting week, the information confirmed.