The country’s foreign exchange reserves hit an all-time high of $534.568 billion after surging by massive $11.938 billion in the week ended July 31, the RBI data showed.
While announcing the monetary policy on Thursday, Reserve Bank of India Governor Shaktikanta Das said the reserves at $534.6 billion are equivalent to 13.4 months of imports.
So far in FY2020-21 (up to July 31), the reserves have risen by $56.8 billion, he had said.
In the week ended July 24, reserves had increased by $4.993 billion to $522.630 billion. The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5.
In the week ended July 31, the reserves rose due to gains in foreign currency assets (FCA), a major component of the overall reserves.
FCAs were up by $10.347 billion to $490.829 billion in the reporting week, the RBI data showed.
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 $1.525 billion in the reporting week to $37.625 billion, the RBI data showed.
The special drawing rights with the International Monetary Fund (IMF) rose by $12 million to $1.475 billion. The country’s reserve position with the IMF also increased by $54 million to $4.639 billion during the reporting week, the data showed.