India’s forex reserves stand at $780.78 billion as of September 11

Mumbai, Sep 18 (SocialNews.XYZ) India’s foreign exchange reserves stood at $780.78 billion in the week ended September 11, according to data released by the Reserve Bank of India (RBI) on Friday.

The reserves had touched a record $785.71 billion in the previous week ended September 4, following a sharp increase of $44.90 billion. Before that, reserves had risen by $11.47 billion in the week ended August 28 to $740.80 billion.

Foreign currency assets (FCA), the largest component of India’s forex reserves, stood at $648.17 billion in the week ended September 4. FCA holdings had increased by $47.498 billion during that week and were $95.886 billion higher than at the end of March and $63.692 billion above the year-ago level.

Gold reserves stood at $113.816 billion as of September 4. Despite the movement during the week, gold holdings remained $23.517 billion higher than a year earlier, though they were $1.580 billion below their end-March level.

India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) stood at $18.806 billion as of September 4. SDR holdings were $184 million higher than at the end of March and $64 million above their level a year earlier.

The country’s reserve position with the IMF stood at $4.916 billion, having increased marginally during the week ended September 4. It was $108 million higher than at the end of March and $168 million above the year-ago level.

Overall, India’s foreign exchange reserves had risen by $94.599 billion from the end of March as of September 4 and were $87.438 billion higher than a year earlier.

The substantial level of foreign exchange reserves provides India with a buffer against external shocks and strengthens the country’s ability to manage volatility in global financial and foreign exchange markets.

Source: IANS