Forex reserves rise by USD 2.039 billion to USD 639.516 billion

Prime News, National and International, Finance, Mumbai, October 16:- The country’s foreign exchange reserves rose by USD 2.039 billion to USD 639.516 billion in the week ended October 8, according to RBI data.

In the previous week ended October 1, the reserves had dipped by USD 1.169 billion to USD 637.477 billion. The reserves had surged by USD 8.895 billion to a lifetime high of USD 642.453 billion in the week ended September 3.

During the reporting week ended October 8, the rise in the reserves was on account of an increase in the Foreign Currency Assets (FCAs), Reserve Bank of India’s (RBI) weekly data released on Friday (October 15) showed.

FCA rose by USD 1.55 billion to USD 577.001 billion in the reporting week, as per the data.

Expressed in dollar terms, FCA includes 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 464 million to USD 38.022 billion in the reporting week.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by USD 28 million to USD 19.268 billion.

The country’s reserve position with the IMF declined by USD 3 million to USD 5.225 billion in the reporting week, the data showed. (Inputs: Agencies, NGB)

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