The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, 2020, after it had jumped by $8.223 billion to $501.703 billion. (Representational)The country’s foreign exchange reserves swelled by $3.623 billion to a record high of $538.191 billion in the week ended August 7, RBI data showed on Friday.
In the previous week ended July 31, the reserves had increased by $11.938 billion to reach $534.568 billion.
The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, 2020, after it had jumped by $8.223 billion to $501.703 billion.
In the week ended August 7, the forex kitty rose on the back of gains in foreign currency assets (FCAs), a major component of the overall reserves.
FCAs rose by $1.464 billion to $492.293 billion in the reporting week, the RBI data showed.
Expressed in dollar terms, the foreign currency assets 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 were up by $2.160 billion to $39.785 billion.
The trend of rising foreign exchange reserves started after Finance Minister Nirmala Sitharaman announced a sharp cut in corporate tax rates on September 20, 2019.
With PTI inputs
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https://indianexpress.com/article/business/economy/forex-reserves-continue-surge-gain-3-6-bn-to-hit-all-time-high-again-6556506/
2020-08-15 19:10:10Z
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