India's forex reserves hit record high of $426.416 bn; gold reserves remained unchanged at $22.958 bn

India`s foreign exchange reserves have increased by $4.215 billion during the week ended June 21, according to RBI data, which stated that the overall forex reserves rose to $426.416 billion from $422.200 billion reported for the week ended June 14, according to the Reserve Bank of India`s weekly statistical supplement report.

Notably, forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India`s reserve position with the International Monetary Fund (IMF). On a weekly basis, FCAs, which is the largest component of the forex reserves, edged higher by $4.202 billion to $398.649 billion, said the RBI.

The FCAs comprises 20-30 per cent of the other major global currencies along with the US dollar. The RBI`s weekly data, however, stated that the value of the country`s gold reserves was stagnant at $22.958 billion.

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Among other components of forex reserves, the SDR value rose by $4.2 million to $1.453 billion, while the country`s reserve position with the IMF gained $9.6 million to $3.354 billion, according to the RBI data.

Meanwhile, gold reserves remained unchanged at USD 22.958 billion, according to RBI data.