foreign-currencyBusiness

5 Trillion Dollars!! Not Indian Economy but Indian Foreign Reserves

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The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, after it had risen by $8.223 billion to reach $501.703 billion.

In the week ended July 10, RBI bank data showed the forex kitty increasing significantly, mainly due to a jump in foreign currency assets (FCA), which is a significant component of the overall reserves. FCA was up by $2.372 billion to $475.635 billion in the second week of July, as per Reserve Bank data.

Gold reserves swelled $712 million to $34.729 billion, as per the central bank data.

The exclusive drawing rights with the International Monetary Fund (IMF) rose $5 million to $1.453 billion. Which we guess will never be used.

Also Read: Sector-wise performance of Nifty in Q1

The country’s reserve position with the IMF also increased by $19 million to $4.545 billion during the 2nd  week.

The country’s foreign exchange reserves swelled by $3.108 billion to a record high of $516.362 billion in the week to July 10, RBI data showed. In the previous week ended July 3, the reserves had increased by $6.416 billion to $513.54 billion.

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