The country's foreign exchange reserves touched a life time high of USD 555.12 billion after it surged by USD 3.615 billion in the week ended October 16, according to RBI data.
In the previous week ended October 9, 2020, the reserves had increased by USD 5.867 billion to reach USD 551.505 billion.
During the latest reporting week, the rise in total reserves was due to a sharp rise in Foreign Currency Assets (FCAs), a major component of the overall reserves. FCA jumped by USD 3.539 billion to USD 512.322 billion, the data showed.
Expressed in dollar terms, FCAs 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 86 million in the reporting week to USD 36.685 billion.
The special drawing rights with the International Monetary Fund (IMF) remained unchanged at USD 1.480 billion during the reporting week.
The country's reserve position with the IMF declined by USD 11 million to USD 4.634 billion during the reporting week, as per the data.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU