Forex reserves climb USD 11.9 bn to all-time high of USD 534.5 bn

The country's foreign exchange reserves hit an all-time high of USD 534.568 billion after surging by massive USD 11.938 billion in the week ended July 31, the RBI data showed.

While announcing the monetary policy on Thursday, Reserve Bank of India Governor Shaktikanta Das said the reserves at USD 534.6 billion are equivalent to 13.4 months of imports.

So far in FY2020-21 (up to July 31), the reserves have risen by USD 56.8 billion, he had said.

In the week ended July 24, reserves had increased by USD 4.993 billion to USD 522.630 billion. The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5.

In the week ended July 31, the reserves rose due to gains in foreign currency assets (FCA), a major component of the overall reserves.

FCAs were up by USD 10.347 billion to USD 490.829 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 USD 1.525 billion in the reporting week to USD 37.625 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 12 million to USD 1.475 billion. The country's reserve position with the IMF also increased by USD 54 million to USD 4.639 billion during the reporting week, the data showed.