India’s foreign exchange reserves zoom to new all-time record, touch $375.7 bn

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India’s foreign exchange reserves zoomed past their previous week’s record to touch a new high of $375.7 billion on May 5, data released by the central bank showed.

Foreign currency assets (FCAs), the largest component of the foreign exchange reserves, grew to $351.5 billion from $349.1 billion in the previous week, RBI data showed. Expressed in US dollar terms, FCAs include the effects of appreciation / depreciation of non-US currencies, such as the euro, pound and yen, held in the reserves.

India’s foreign exchange reserves zoomed past their previous week’s record to touch a new high of $375.7 billion on May 5, data released by the central bank on Friday showed. On April 28, the reserves were at $372.7 billion, the highest since September 9, 2016.

Dollar purchases by the Reserve Bank of India to ease volatility in the rupee exchange rate and increase in valuation of its assets has led to the jump in the forex reserves, traders said. The rupee has gained 5.3% against the dollar since the beginning of 2017. On April 26, it appreciated to 63.93 to a dollar, its highest level since August 10, 2015.

The central bank has always maintained that it does not want to influence the exchange rate for the rupee, but would take steps, including intervention in the spot market, to curb extreme volatility. According to the latest data available, the RBI bought $3.5 billion in the spot market on a net basis in March, while outstanding net forward sales stood at $10.8 billion during the month. The RBI publishes data on the sale and purchase of dollar with a lag of two months.

Source: http://www.financialexpress.com/economy/indias-foreign-exchange-reserves-zoom-to-new-all-time-record-touch-375-7-bn/666524/

Forex reserves up $2.67 bn to $366.78 bn

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India’s foreign exchange reserves surged by whopping $2.671 billion to $366.781 billion for the week ended March 2017 on account of increase in foreign currency assets, the Reserve Bank said today.

In the previous week, the reserves had risen by $98.6 million to $364.109 billion.

Foreign currency assets (FCAs), a major component of the overall reserves, rose by $2.645 billion to $343.101 billion in the reporting week, the RBI said.

Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non—US currencies, such as the euro, pound and the yen held in the reserves.

Gold reserves remained unchanged at $19.914 billion.

The special drawing rights with the International Monetary Fund was up by $10 million to $1.444 billion; India’s reserve position with the Fund, too, increased by $15.9 million to $2.320 billion, RBI said.

Source: http://www.thehindubusinessline.com/economy/forex-reserves-up-267-bn-to-36678-bn/article9600591.ece

Forex reserves hit fresh all-time high, cross $371 billion

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The country’s forex reserves continued to scale new highs, with the week to September 9 adding $3.513 billion to the kitty, which hit a new life-time peak of $371.279 billion, RBI data showed today.

The reserves had increased by $989.5 million to $367.76 billion in the previous reporting week.

The reserves are more than sufficient to cover nearly 13 months of exports.

The surge indicates that new RBI Governor Urjit Patel is continuing with his predecessor Raghuram Rajan’s policy of building up the forex reserves. The three-year tenure of Rajan saw the RBI adding a net of $92 billion to the kitty.

Foreign currency assets (FCAs), a major component of the overall reserves, swelled by $3.509 billion to $345.747 billion for the week ended September 9, the Reserve Bank said.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.

Gold reserves, however, were unchanged at $21.64 billion at the end of the reporting week, the apex bank said.

The country’s special drawing rights with the International Monetary Fund increased by $5.3 million to $1.493 billion, while the reserve position with the fund was down by $1.3 million to $2.395 billion, it added.

Source: http://www.financialexpress.com/economy/forex-reserves-hit-fresh-all-time-high-cross-371-billion/379908/

Forex reserves at record high of $ 365.74 billion

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Continuing the rising trend, forex reserves increased by USD 253.6 million to touch record high of USD 365.749 billion in the week to August 5, the Reserve Bank said today.

The reserves increased despite decline in foreign currency assets (FCAs), a major component of the overall reserves.

In the previous week, the reserves had jumped by a healthy USD 2.81 billion to USD 365.49 billion.

FCAs declined by USD 765.4 million to USD 340.278 billion.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as euro, pound and yen held in the reserves.

After remaining steady for many weeks, gold reserves shot up by USD 1.008 billion to USD 21.584 billion 20.58 billion.

The country’s special drawing rights with International Monetary Fund rose by USD 4.1 million to USD 1.488 billion, while the reserve position soared by USD 6.7 million to USD 2.397 billion.

Source : http://economictimes.indiatimes.com/articleshow/53672836.cms

Forex reserves hit life-time high at $365.49 bn

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Country’s foreign exchange reserves rose by USD 2.81 billion to reach a life-time high of USD 365.49 billion in the week to July 29, helped by rise in foreign currency assets, the Reserve Bank said today.

In the previous week, the reserves had dropped by USD 664 million to USD 362.69 billion.

Foreign currency assets (FCAs), a major component of the overall reserves, rose USD 2.79 billion to USD 341.04 billion in the reporting week, RBI data showed.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as euro, pound and yen held in the reserves.

Gold reserves remained unchanged at USD 20.58 billion.

The country’s special drawing rights with International Monetary Fund increased by USD 8.5 million to USD 1.48 billion while the reserve position rose by USD 13.6 million to USD 2.39 billion, RBI said.

Source: http://www.financialexpress.com/industry/banking-finance/forex-reserves-hit-life-time-high-at-365-49-bn/339688/

Forex reserves hit record high at $359.917 bn

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India’s foreign exchange reserves continue to rise to hit a record level of $359.917 billion as on April 8, data from the Reserve Bank of India (RBI) show.

India’s foreign exchange reserves continue to rise to hit a record level of $359.917 billion as on April 8, data from the Reserve Bank of India (RBI) show.

The central bank data show that in the week-ended April 8, India’s forex reserves rose by $157.40 million from the previous week.

As on April 8, foreign currency assets (FCA), which forms a key component of the reserves rose by $159.3 million from the previous week to $335.845 billion. FCA are maintained in major currencies like US dollar, euro, pound sterling, yen, etc. However, the foreign exchange reserves are denominated and expressed in US dollar only.

The movements in the FCA occur mainly on account of purchase and sale of foreign exchange by the RBI in the foreign exchange market in India, income arising out of the deployment of the foreign exchange reserves, external aid receipts of the central government and revaluation of the assets.

Gold reserves, however, remained unchanged at $20.115 billion. Special drawing rights (SDR) from the International Monetary Fund fell by $0.90 million from the previous week to $1.501 billion.

SDR is an international reserve asset created by IMF and allocated to its members in proportion of the members’ quota at IMF. The country’s reserve position in the IMF, however, fell by $1 million to $2.455 billion.

Source: http://www.financialexpress.com/article/industry/banking-finance/forex-reserves-hit-record-high-at-359-917-bn/237598/