India's Forex Reserves Hit New All-Time High For Week Ended 31 July

India's foreign exchange reserves an all-time high of $534.568 billion after surging by massive $11.938 billion in the week ended 31 July, data from the Reserve Bank of India (RBI) showed.

On Thursday, announcing the monetary policy, RBI governor Shaktikanta Das said that the country's forex reserves are equivalent to 13.4 months of imports. Up to 31 July, reserves for the financial year 2020-21 have risen by $56.8 billion so far, he said.

In the previous week ended 24 July, reserves had increased by $4.993 billion to $522.630 billion. It had crossed the half a trillion mark for the first time in the week ended 5 June.

For the 31 July ended week, foreign currency assets (FCA), a major component of the overall reserves, were up by $10.347 billion to $490.829 billion. These assets, expressed in dollar terms, are affected by the appreciation or depreciation of non-US units like the euro, pound and yen held in the forex 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.