Forex reserves reach a record high of $642.453 billion 

According to the data, India’s FCA rose by $8.213 billion to $579.815 billion in the reporting week. On August 27, the reserves had surged from $16.663 billion to $633.558 billion due to a rise in Special Drawing Rights (SDR) holdings.

0
Forex reserves reaches record high to $642.453 billion

A Reserve Bank of India report stated that the country’s foreign exchange reserves increased by $8.895 million to an all-time high of $642.453 million in the first ending week of September.

According to the data, India’s FCA rose by $8.213 billion to $579.815 billion in the reporting week. On August 27, the reserves had surged from $16.663 billion to $633.558 billion due to a rise in Special Drawing Rights (SDR) holdings. Previously, the IMF had made an allocation of SDR worth $12.7 billion to India.

The RBI data also showed that the country’s reserve position with the IMF increased by $11 million to $5.121 billion and SDRs with the IMF rose by $29 million to $19.437 billion.

Summary
Article Name
Forex reserves reach a record high of $642.453 billion 
Description
According to the data, India’s FCA rose by $8.213 billion to $579.815 billion in the reporting week. On August 27, the reserves had surged from $16.663 billion to $633.558 billion due to a rise in Special Drawing Rights (SDR) holdings.
Author
Publisher Name
THE POLICY TIMES
Publisher Logo