Country’s Foreign Exchange
The country’s foreign exchange reserves increased by $2.198 billion to $631.953 billion in the week ended February 4, RBI data showed. In the previous week ended January 28, the reserves had declined by $4.531 billion to $629.755 billion. It touched a lifetime high of $642.453 billion in the week ended September 3, 2021.
During the reporting week, the surge in the foreign exchange reserves was on account of a rise in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, according to Reserve Bank of India’s (RBI) weekly data released on Friday.
FCA increased by $2.251 billion to $568.329 billion in the week ended February 4. Expressed in dollar terms, FCA 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 declined by $210 million to $39.283 billion in the reporting week, the data showed. The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $98 million to $19.108 billion.
The country’s reserve position with the IMF rose by $59 million to $5.233 billion in.