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RBI Reports Boost in Forex Reserves along with an increase in Gold Holdings Rise Significantly

RBI Reports Boost in Forex Reserves along with an increase in Gold Holdings Rise Significantly

By Renu

  • India’s forex reserves witnessed a boom of USD 816 million to USD 653.711 billion for the week ended June 21.
  • Foreign currency assets decreased by USD 106 million to USD 574.134 billion.
  • Gold reserves reached USD 56.956 billion, which has been claimed as a substantial rise of USD 988 million.

The Reserve Bank of India (RBI) released a statement on Friday saying that for the week ending June 21, India’s foreign exchange reserves increased by USD 816 million to USD 653.711 billion. For the overall market, it is indeed a considerable profit. This recovery comes after total reserves fell by USD 2.922 billion to USD 652.895 billion during the previous reporting week, which was a substantial dip. At USD 655.817 billion, the reserves hit a record high on June 7.

FCA update

For the week ending June 21, the total noted value of foreign currency assets (FCA) decreased by USD 106 million to USD 574.134 billion. Well, FCA makes up a significant portion of the forex reserves. FCAs play a considerable role in the market because they take into account the impact of non-US currencies’ appreciation or depreciation, such as the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves

People across the globe had their eyes on the surprising increase in gold reserves, which increased by USD 988 million to USD 56.956 billion. This substantial increase in gold reserves adds a crucial extra layer of assurance to India’s financial stability by acting as a hedge against fluctuations in foreign currency holdings.

The IMF value decreased.

As per RBI, not every component, though, experienced growth and improvement. The International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) dropped by USD 57 million, totaling USD 18.049 billion. FYI, the IMF was the one to introduce SDRs, which are foreign reserve assets that may be used to augment a nation’s official reserves.

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