Forex reserves hit fresh all-time high, touch $513.25 bn

Mumbai: The country's foreign exchange reserves surged by a massive USD 6.47 billion to touch an all-time high of USD 513.25 billion in the week ended July 3, the latest data from the Reserve Bank of India (RBI) showed.

In the previous week ended Jun 26, the reserves had increased by USD 1.27 billion to USD 506.84 billion.

The reserves had crossed the half-a-trillion dollar mark for the first time in the week ended June 5 after it had increased USD 8.22 billion and reached USD 501.70 billion.

In the week ended July 3, the reserves rose due to an increase in foreign currency assets (FCA), which is the major component of the overall reserves.

FCA was up by USD 5.66 billion to USD 473.26 billion in the reporting week, the 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.

The gold reserves were up by USD 495 million in the reporting week to USD 34.02 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) rose USD 4 million to USD 1.45 billion.

The country's reserve position with the IMF also increased USD 259 million to USD 4.526 billion during the reporting week, the data showed.