India’s foreign exchange reserves reached a lifetime high of $446.09 billion as $3.515 billion was added to the reserve. The credit for this rise was given foreign currency assets, as witnessed in RBI data. This is the second time the reserve had increased as it saw an increase of $1.832 billion last week, which took the total value of the reserve to $442.583 billion.
The increase in the reserve took place because of the jump that took place in the foreign currency assets (FCA) as there was an increase of $3.201 billion, which brought the price to $413.654 billion as the week ended on 1st November.
Gold shining brighter
The foreign currency assets are expressed in terms of US dollars, and the FCA includes the effects of appreciation or depreciation of non-US units like euro, pound, etc. In the same week, the gold reserves increased by $301 million, taking the value to $27.353 billion.
The drawing rights of the International Monetary Fund increased by $2 million to $1.443 billion in the first week. The country’s reserves position has also increased by $10 million, which brings the total to $3.648 billion.
The increase in the reserves has shown the interest of the financial institutions in the Indian market as more funds are getting added to the reserves.