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India's forex reserves surge to $584 billion

Dubai - The rise in reserves was on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves, the RBI data revealed.

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The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021, when the third largest Asian economy surpassed Russia to emerge as the world’s fourth-largest foreign-exchange reserve holder. — File photo
by

Issac John

Published: Sat 1 May 2021, 2:48 PM

India’s foreign exchange reserves increased by $1.701 billion to $584.107 billion in the week ended April 23 2021 to retain the country’s position as the world’s fourth largest forex holder despite the devastating onslaught of a second wave of Covid-19, data from the Reserve Bank of India showed.

The rise in reserves was on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves, the RBI data revealed.

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In the previous week ended April 16, 2021, the reserves had risen by $1.193 billion to $582.406 billion. The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021, when the third largest Asian economy surpassed Russia to emerge as the world’s fourth-largest foreign-exchange reserve holder.

China has the world’s largest reserves, followed by Japan and Switzerland on the International Monetary Fund table.

Forex reserves for both India and Russia have mostly flattened out this year after months of rapid increase. India pulled ahead as Russian holdings declined at a faster rate in recent weeks as the RBI continued to hoard dollars to cushion the economy against any sudden outflows.

In the reporting week ended April 23, 2021, the rise in reserves was on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves.

FCA rose by $1.062 billion to $541.647 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 the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by $615 million to $35.969 billion in the reporting week, according to the RBI data.

The special drawing rights (SDRs) with the International Monetary Fund was up by $7 million to $1.505 billion in the reporting week.

The country's reserve position with the IMF rose by $18 million to $4.987 billion in the reporting week, the data showed.

— issacjohn@khaleejtimes.com

Issac John

Published: Sat 1 May 2021, 2:48 PM

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