India's forex reserves jump $3.07 bn to record $608.08 bn

India's foreign exchange (Forex) reserves increased by $3.074 billion in the week ended June 11. With this surge, the foreign exchange reserves have reached an all-time high of $608.081 billion, according to data released by the Reserve Bank of India (RBI) on Friday, June 18.

The foreign exchange reserves had jumped by $6.842 billion to $605.008 billion in the previous week ended June 4, 2021.

The rise in foreign exchange reserves in the week ended June 11 was on the back of an increase in foreign currency assets (FCA), according to RBI's weekly data. In the week ended June 11, FCAs rose by $2.567 billion to $563.457 billion. Foreign currency assets are the largest component of a country's foreign exchange reserves.

FCAs include the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen that are held in the foreign exchange reserves of the country.

Gold reserves rose in the week that ended June 11 after declining in the previous week. Gold reserves rose by $496 million to $38.101 billion in the reporting week, according to the RBI data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) slipped by $1 million to $1.512 billion in the week ended June 11. India's reserve position with the International Monetary Fund (IMF) rose by $11 million to $5.011 billion in the same week, as per RBI data.

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