RBI Reports claim that Forex reserves have risen by $1.701 billion to $584.107 billion in the week ended April 23. This can be primarily due to assets appreciation or depreciation.
This year in January 2021, the forex reserves in the country reached $590.185 billion. This was the record high of the forex reserves that has ever been reached. The report claimed that the increase in the forex reserves is primarily due to an increase in Foreign Currency Assets (FCA) which also constitute a major portion of the forex reserves.
As per RBI reports, Foreign Currency Assets rose by USD 4.413 billion to USD 546.059 billion. The FCI includes the effect of appreciation and depreciation of Non-US currencies such as yen, pound and euros.
There is a decline in gold reserves from USD 505 million to USD 35.464 billion in the same weeks as per RBI weekly data reports. The country’s position with IMF also improved as its reserves with IMF increased from USD 2 million to USD 4.99 billion.
The SDR which is also known as Special Drawings Reserve which is kept with IMF also increased from USD 3 million to USD 1.508 billion.