Forex reserves at record high of $386.53 bn

The country’s forex reserves touched a record high of $386.539 billion after it rose by $4.007 billion in the week to June 30, due to an increase in the foreign currency assets (FCAs), the Reserve Bank of India (RBI) said.

In the previous week, the reserves had surged by $576.4 million to $382.53 billion. FCAs, a major component of overall reserves, rose $3.724 billion to $362.388 billion in the reporting week, the RBI data showed.

Expressed in dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

Gold reserves also increased $252.8 million to $20.348 billion. The special drawing rights with the International Monetary Fund was up $11.8 million to $1.479 billion.