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India's forex reserve touches the highest level in 21 months
Forex Reserve
Photo Courtesy: Unsplash

India's forex reserve touches the highest level in 21 months

| @indiablooms | 06 Jan 2024, 05:52 pm

India's foreign exchange reserves rose from  $2.759 billion to $623.20 billion in the week which ended on December 29.

The reserve has now touched the highest point in the last 21 months.

The reserves perked up mainly on the back of two components – foreign currency assets (FCA) and gold holdings were up by $1.869 billion and $853 million, respectively, during the reporting week, reported The Hindu Business Line.

FCA comprise multi-currency assets that are held in multi-asset portfolios. The assets include investment in securities, deposits with other central banks and the BIS, and deposits with commercial banks overseas, the news paper reported.

Special Drawing Rights (SDRs), which refers to India’s commitment to provide resources under the International Monetary Fund’s (IMF) New Arrangements to Borrow (NAB) and investment in SDR denominated Notes issued by IMF, nudged up $38 million. The Reserve Tranche Position in IMF, however, was down a shade (-$2 million), reported the newspaper.

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