India's foreign exchange reserves have surged by 1(point)536 billion US Dollars to touch a fresh lifetime high of 392(point)867 billion dollars in the week ended 28th July 2017.
An RBI release said that foreign currency assets, a major part of the overall reserves rose by 1.609 billion dollars to 368.759 billion dollars. In the previous week, the reserves had increased by 2.27 billion dollars to 391.33 billion dollars.
Gold reserves remained unchanged at 20.35 billion dollars. India's special drawing rights with the International Monetary Fund went up by 3.9 million dollars to 1.495 billion dollars, while the country's reserve position declined by 77.2 million dollars to 2.263 billion dollars.
What is Forex Reserves?
Definition: Forex reserves are foreign currency assets held by the central banks of countries.
Description: These assets include foreign marketable securities, monetary gold, special drawing rights (SDRs) and reserve position in the IMF. The main purpose of holding foreign exchange reserves is to make international payments and hedge against exchange rate risks.
An RBI release said that foreign currency assets, a major part of the overall reserves rose by 1.609 billion dollars to 368.759 billion dollars. In the previous week, the reserves had increased by 2.27 billion dollars to 391.33 billion dollars.
Gold reserves remained unchanged at 20.35 billion dollars. India's special drawing rights with the International Monetary Fund went up by 3.9 million dollars to 1.495 billion dollars, while the country's reserve position declined by 77.2 million dollars to 2.263 billion dollars.
What is Forex Reserves?
Definition of 'Foreign Exchange Reserves'
Definition: Forex reserves are foreign currency assets held by the central banks of countries.
Description: These assets include foreign marketable securities, monetary gold, special drawing rights (SDRs) and reserve position in the IMF. The main purpose of holding foreign exchange reserves is to make international payments and hedge against exchange rate risks.
Foreign-exchange reserves (also called forex reserves or FX reserves) is money or other assets held by a central bank or other monetary authority so that it can pay if need be its liabilities, such as the currency issued by the central bank, as well as the various bank reserves deposited with the central bank by the government and other financial institutions. Reserves are held in one or more reserve currency, mostly the United States dollar and to a lesser extent the Japanese yen.
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