India's Foreign Exchange Reserves Rise By $8.895 Billion To All-Time High Of $642.453 Billion

India's foreign exchange reserves rose by $8.895 billion during the week ending on 3 September to touch the lifetime high of over $642billion.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $642.453 billion from $633.558 billion reported for the week that ended on 3 September.

India's foreign exchange reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $8.213 billion to $571.6 billion.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US currency units like the euro, pound, and yen held in the foreign exchange reserves.

Meanwhile, the value of the country's gold reserves increased by $642 million to $38.083 billion.

Similarly, the SDR value jumped up by $29 million to $19.437 billion.

Besides, the country's reserve position with the IMF edged higher by $11 million to $5.121 billion.