Forex reserves

Forex reserves

Question : India’s forex reserves(for the week ended May 21) hit lifetime high, rise $ 2.8 bn to —
a. $ 592.894 bn
b. $ 492.894 bn
c. $ 692.894 bn
d. $ 392.894 bn
Ans. a.
Related facts

  • India’s foreign exchange reserves rose by USD 2.865 billion to a record high of USD 592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on May 28, 2021.
  • The previous all-time high for the forex kitty was USD 590.185 billion for the week ended January 29, 2021.
  • For the previous week ended May 14, the reserves had increased by USD 563 million to reach USD 590.028 billion.
  • Foreign currency assets (FCA), a major component of the overall reserves, swelled by USD 1.649 billion to USD 548.519 billion for the reporting week, the RBI said.
  • 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.
  • After remaining unchanged in the previous week, gold reserves rose by USD 1.187 billion to USD 36.841 billion.
  • The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by USD 7 million to USD 1.513 billion.
  • India’s reserve position with the IMF too increased by USD 22 million to USD 5.021 billion in the reporting week, as per the data.

Link:
https://economictimes.indiatimes.com/markets/forex/indias-forex-reserves-touch-all-time-high-at-592-billion/articleshow/83037590.cms