Forex reserves rise by $3.61 bn to touch life time high of $555.12 bn

 The country's foreign exchange reserves touched a life time high of USD 555.12 billion after it surged by USD 3.615 billion in the week ended October 16, according to RBI data.

In the previous week ended October 9, 2020, the reserves had increased by USD 5.867 billion to reach USD 551.505 billion.

During the latest reporting week, the rise in total reserves was due to a sharp rise in Foreign Currency Assets (FCAs), a major component of the overall reserves. FCA jumped by USD 3.539 billion to USD 512.322 billion, the data showed.

Expressed in dollar terms, FCAs 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 USD 86 million in the reporting week to USD 36.685 billion.

The special drawing rights with the International Monetary Fund (IMF) remained unchanged at USD 1.480 billion during the reporting week.

The country's reserve position with the IMF declined by USD 11 million to USD 4.634 billion during the reporting week, as per the data.

Forex reserves rise by $5.867 billion to lifetime high of $551.5 billion

 The country's foreign exchange reserves surged by USD 5.867 billion to touch a record high of USD 551.505 billion in the week to October 9, according to the RBI data.

In the previous week ended October 2, 2020, the reserves had increased by USD 3.618 billion to USD 545.638 billion.

During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by USD 5.737 billion to USD 508.783 billion.

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.

The gold reserves were up by USD 113 million in the reporting week to USD 36.598 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 4 million to USD 1.480 billion during the week.

The country's reserve position with the IMF was also up by USD 13 million to USD 4.644 billion during the reporting week, the data showed.

Forex reserves touch lifetime high on rise in foreign currency assets

The country's foreign exchange reserves swelled by $ 3.091 billion to a lifetime high of $ 476.092 billion in the week to February 14, mainly due to a rise in foreign currency assets, according to the RBI data.

In the previous week, the foreign exchange reserves had increased by $ 1.701 billion to $ 473 billion.

Foreign currency assets, a major component of the overall reserves, rose by $ 2.763 billion to $ 441.949 billion in the reporting week.

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 rose by $ 344 million to $ 29.123 billion.

The special drawing rights with the International Monetary Fund (IMF) were down by $ 6 million to $ 1.430 billion.

The country's reserve position with the IMF also declined by $ 9 million to $ 3.590 billion, the data showed.

Foreign exchange reserves reach life-time high of $466.69 billion

The country's foreign exchange reserves reached a life-time high of USD 466.693 billion after a massive USD 4.535 billion spike in the week to January 24, according to the Reserve Bank of India data.

In the previous week, the reserves had increased by USD 943 million to USD 462.16 billion.

In the reporting week, the increase in reserves was mainly on account of a rise in foreign currency assets, a major component of the overall reserves, which rose by USD 4.470 billion to USD 432.919 billion, the RBI data released on Friday 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.

In the reporting week, gold reserves increased by USD 153 million to USD 28.715 billion.

The special drawing rights with the International Monetary Fund (IMF) were by USD 3 million to USD 1.45 billion. he country's reserve position with the IMF declined by USD 85 million to USD 3.615 billion, the data showed.

China's August forex reserves rise to $3.1072 trillion, up $3.5 billion

China's foreign exchange reserves rose unexpectedly in August, even as the yuan posted its biggest monthly drop in 25 years amid escalating trade tensions with the United States.

The country's foreign exchange reserves - the world's largest - rose by $3.5 billion in August to $3.1072 trillion, central bank data showed on Saturday.

Economists polled by Reuters had expected reserves would fall $4 billion from July to $3.100 trillion, likely due to fluctuations in global exchange rates and the prices of foreign bonds that China holds.

The increase in August was due to China maintaining a stable balance of international payments and generally stable economic growth, the foreign exchange regulator said in a statement after the data release.

Bond prices in major countries also rose, it added.

China has been able to keep capital outflows under control over the past year despite an escalating trade war with the United States and weakening economic growth at home.

Reserves have rebounded from an October 2018 low thanks to capital controls and rising foreign investments in Chinese stocks and bonds.

In August, the yuan tumbled about 3.8 per cent against the dollar - its sharpest monthly drop since China unified official and market exchange rates in 1994. It is currently trading at 11-1/2 year lows.[CNY/]

China allowed the yuan to break through the closely watched 7-per-dollar level on Aug.5 for the first time since the global financial crisis, days after the United States said it would impose more tariffs on Chinese goods from Sept. 1.

Hours after the yuan slid, Washington labelled China a currency manipulator for the first time since 1994, but China's foreign exchange regulator said such move had no grounds and did not accord with facts.

The yuan has now depreciated about 12 per cent against the dollar since the two sides began exchanging tit-for-tat tariffs in April last year.

The regulator said in August it did not expect a disorderly depreciation of the yuan despite the impact from external factors such as trade frictions, and traders believe the central bank has been trying to slow the pace of decline.

The dollar rose 0.4 per cent in August against a basket of other major currencies.

STIMULUS

With downward pressure on the economy increasing, China on Friday announced further cuts in banks' reserve requirements to free up more funds for lending. Analysts also widely expected modest interest rate cuts in mid-September.

Growth is believed to be nearing the bottom end of the government's 6-6.5 per cent full-year target range, after slowing to 6.2 per cent in the second quarter, its weakest pace in at least 27 years.

China burned through $1 trillion of reserves supporting the yuan in the last economic downturn in 2015, which also saw it devalue the currency in a surprise move.

China has been ramping up its gold reserves this year.

It held 62.45 million fine troy ounces of gold at end-August, up 4.85 percent from 59.560 million ounces at the end of 2018.

The value of its gold reserves rose to $95.45 billion at end-August from $87.876 billion at end-July.