The Forex Reserves of India Rise to Cross $453 Billion

The Forex Reserves of India Rise to Cross $453 Billion

The foreign exchange reserves of India have touched a record high of 453 billion dollars after witnessing a surge of 2.342 billion dollars in the week that ended on December 6, 2019, as per the official data by RBI (Reserve Bank of India).

The data also noted that the forex reserves hit 453.42 billion dollars from the earlier 451.08 billion dollars recorded in the week ending November 29, 2019.

As per the reports, the increase in the reserves was primarily due to the rise in FCAs (foreign currency assets), which is a paramount element of the reserves as a whole. FCAs noted an increase of 1.89 billion dollars to reach 421.25 billion dollars.

In addition to that, the report also brought to light the increase in India’s gold reserves that surged by 430 million dollars to hit 27.07 billion dollars in the reporting week. The SDR value also witnessed a similar rise. It increased by 5 million dollars to reach 1.44 billion dollars. At the same time, the nation’s reserve stature with the IMF also recorded a high of 15 million dollars to touch 3.64 billion dollars.

The forex reserves of India consist of FCAs, SDR (special drawing rights), gold reserves, as well as the reserve position of the country with the IMF (International Monetary Fund).