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Indian Forex Reserves reached an all-time new high jumped by $4 billion and touched $670.9 billion for the week ended July 19, 2024, the Reserve Bank of India said on Friday. The previous week it surged $9.69 billion and touched $666.8 billion touched on last week. RBI releases Forex reserves data every week on Friday.
Forex reserves are based on four main elements:
(I) Foreign currency: Forex reserves count in 5 foreign currencies USD, Euro, Japanese yen, and Pound sterling.
(ii) Gold Reserves: The country's gold Reserves are also counted in Forex reserves.
(iii) Special Drawing right (SDR):
what is a special Drawing right?
SDR is an international reserve asset defined and maintained by the International Monetary Fund (IMF). The value of it is based on the basket of the top main international currencies and its reserves by the IMF every 5 years. The currencies are USD (43.4%), Euro (29.3%), Chinese yuan (12.3%), Japanese yen (7.6%) and British pound sterling(7.4%).
(iv) Country's reserve portion in the International Monetary Fund (IMF)
