Forex reserve records all-time high

As per the RBI data, India’s foreign exchange reserve has recorded a life-time high of USD 426.42 billion in the week to June 21, led by dollar purchase by RBI.

The rise in reserves was on account of increase in foreign currency asset, which is a major component of the overall foreign exchange reserves.

In the reporting week, foreign currency assets increased by USD 4.202 billion to USD 398.649 billion.

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. Meanwhile, gold reserves remained unchanged at USD 22.958 billion, according to RBI data.

Special drawing rights with the International Monetary Fund (IMF) increased by USD 4.2 million to USD 1.453 billion. India’s reserve position with the fund was also increased by USD 9.6 million to USD 3.354 billion.