1 week ago
India's Forex Reserves Rise $9.9 Billion to $716.9 Billion
India keeps foreign money and gold as a financial safety cushion.
This cushion is called foreign exchange reserves.
During the week ending August 14, the cushion grew by about $9.9 billion.
It reached nearly $716.9 billion.
Most of the increase came from foreign currency assets.
Gold reserves also increased in value by about $2.7 billion.
The rise followed an even larger increase during the previous week.
Measures to attract foreign exchange, including the FCNR(B) scheme, helped bring in more funds.
India’s reserves had previously reached a record $728.494 billion in February before falling for several weeks.
India’s foreign exchange reserves rose $9.905 billion to $716.907 billion in the week ended August 14.
Foreign currency assets increased $7.225 billion to $581.851 billion, accounting for most of the rise.
The value of India’s gold reserves grew $2.679 billion to $111.417 billion.
The increase followed a $14.136 billion rise in reserves during the week ended August 7.
Inflows under the FCNR(B) scheme and other measures to attract foreign exchange supported the latest increase.
- Who
- India and the Reserve Bank of India, with the government supporting measures to attract foreign exchange.
- What
- India’s foreign exchange reserves increased by $9.905 billion to $716.907 billion.
- Where
- India; the data was released by the Reserve Bank of India.
- When
- The increase was recorded for the week ended August 14 and reported on August 21.
- Why
- The rise was driven mainly by higher foreign currency assets and gold reserves, along with inflows under the FCNR(B) scheme and other foreign-exchange measures.
Key facts
- Total reserves
- $716.907 billion as of the week ended August 14
- Weekly increase
- $9.905 billion
- Foreign currency assets
- $581.851 billion, up $7.225 billion
- Gold reserves
- $111.417 billion, up $2.679 billion
- Previous week
- Reserves rose $14.136 billion to $707.002 billion in the week ended August 7
- FCNR(B) inflows
- India received $56.85 billion under concessional swap measures through August 13
- Special drawing rights
- $18.74 billion, down $5 million during the reporting week
- Record level
- Reserves had reached an all-time high of $728.494 billion in the week ended February 27
Sources
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