India's forex reserves hit all-time high of $692.3 billion, up $2.8 billion as of Sept 20

Reaching another record high, India’s forex reserves jumped by $2.8 billion to hit a fresh all-time high of $692.3 for the week ending September 20, the Reserve Bank of India (RBI) on Friday.

The high continued for the second week as country’s forex reserves increased by $223 million to $689.46 billion for the week ending on September 13.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) were up by $2 billion to $605.6 billion. Expressed in dollar terms, the FCAs 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 saw a surge of $726 million to $63.6 billion. Meanwhile, SDRs for the above-mentioned week increased by $121 million to stand at $18.54 billion. Reserve position in the IMF dipped by $66 million to $4.4 billion.

The RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.

The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

Content Source: economictimes.indiatimes.com

India’s forex reserves hit all-time high of $692.3 billion, up $2.8 billion as of Sept 20

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