According to India’s Reserve Bank of India India’s foreign exchange reserves climbed by $8.9 billion, reaching a new high of $642 billion in the week ending September 3. This was due to a gain in foreign currency assets, a major component of overall reserves. Expressed in dollars, foreign currency assets include the effect of the appreciation or depreciation of non-U.S. units such as the euro, pound and yen held in foreign exchange reserves.
In the previous week, the reserves increased by $16.6 billion to $633 billion owing primarily to an increase in Special Drawing Rights (SDR) holdings. India received an SDR of $12.5 billion from the International Monetary Fund.
Gold reserves increased by $642 million to $38 billion in the reporting period. The International Monetary Fund’s special drawing rights increased by $29 million to $19 billion.
According to the data, the country’s reserve position with the IMF climbed by $11 million to $5.1 billion during the reporting week.
