Forex Reserves Surge $16.663 bn To Record High Of $633.558 bn - TopAsiaFX

004, Sep 2021

 

Mumbai: India's foreign exchange reserves soared by $16.663 billion to touch a lifetime high of $633.558 billion in the week ended August 27, mainly due to an increase in Special Drawing Rights (SDR) holdings, RBI data showed.


On Wednesday, RBI had said the International Monetary Fund (IMF) made an allocation of SDR 12.57 billion (equivalent to around $17.86 billion at the latest exchange rate) to India on August 23, 2021.

SDR holdings are part of the foreign exchange reserves.

SDR holdings are part of the foreign exchange reserves of a country. IMF makes the general SDR allocation to its members in proportion to their existing quotas in the Fund.


In the reporting week ended August 27, 2021, the country's SDR holdings rose by $17.866 billion to $19.407 billion, as per weekly data released by the Reserve Bank of India (RBI) on Friday.

India's forex kitty had declined by $2.47 billion to $616.895 billion in the previous week ended August 20, 2021.

foreign currency assets (FCAs), a major component of the overall reserves, dipped by $1.409 billion to $571.6 billion in the reporting week, the data showed. Source.