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Forex reserves hit new high of USD 427.67 billion

Forex reserves hit new high of USD 427.67 billion

India's foreign exchange reserves swelled by USD 1.262 billion to scale a fresh high of USD 427.678 billion in the week to June 28, RBI data showed On July 5, 2019. It was boosted by higher foreign portfolio investments and a stable rupee.

According to the RBI data -

  • Gold reserves remained unchanged at USD 22.958 billion.
  • Special drawing rights with the International Monetary Fund (IMF) increased by USD 3 million to USD 1.456 billion.
  • The country's reserve position with the fund also rose by USD 7 million to USD 3.361 billion.

What is Forex reserves?

Forex reserves are one of the key revenue earning sources for the central bank, which invests the money in foreign government bonds and also with the International Monetary Fund (IMF) and other secure investment classes.

A portion of the forex kitty is also used to shore up the gold reserves, which the RBI had increased by over 8 tonnes last fiscal after decades.

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

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