Millennium Post (Kolkata)

Forex reserves up by $4.34 bn to $581.21 bn


MUMBAI: After declining for two consecutiv­e quarters, the country’s foreign exchange (forex) reserves surged by $4.34 billion to $581.21 billion in the week ended April 9, according to the latest RBI data.

In the previous week ended April 2, the reserves had dipped by $2.42 billion to $576.28 billion. It had dropped by $2.99 billion to $579.28 billion in the week ended March 26, 2021.

The reserves had touched a lifetime high of $590.18 billion in the week ended January 29, 2021.

In the reporting week ended April 9, 2021, the increase in forex reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves.

FCA rose $3.02 billion to $539.45 billion, the Reserve Bank of India’s (RBI) weekly data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciati­on or depreciati­on of non-US units like euro, pound and yen held in the forex reserves.

The gold reserves increased by $1.30 billion to $35.32 billion in the reporting week, the RBI data showed.

The special drawing rights (SDRs) with the Internatio­nal Monetary Fund (IMF) rose $6 million to $1.49 billion in the reporting week.

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