Forex reserves surge to all-time high of $620.57 bn

Forex reserves surge by $9.42 billion to all-time high of $620.57 billion

Gold reserves were up by $760 million to $37.644 billion in the reporting week, the data showed

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The country's foreign exchange reserves surged by $9.427 billion to record high of $620.576 billion in the week ended July 30, according to the latest RBI data.

In the previous week ended July 23, the reserves had declined by $1.581 billion to $611.149 billion.

In the reporting week ended July 30, the rise in the reserves was on the back of an increase in foreign currency assets (FCAs), a major component of the overall reserves, the Reserve Bank of India's (RBI) weekly data released on Friday showed.

FCA increased by $8.596 billion to $576.224 billion in the reporting week.

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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.

Gold reserves were up by $760 million to $37.644 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $6 million at $1.552 billion.

The country's reserve position with the IMF also increased $65 million to $5.156 billion in the reporting week, the data showed.