Forex reserves hit new highs with 2 642.45 billion
MUMBAI: The country's forex reserves continued to grow strongly in the week ended September 4. Forex reserves rose by ૮૯ 2.7 billion to ૪૫ 2.3 billion in the week ended September 4. Forex reserves had increased by ૬૬ 12.5 billion in the previous week on the back of special drawing rights (SDR) holdings. The International Monetary Fund (IMF) disbursed 12.5 billion SDRs to India. The SDR is an international reserve asset formed by the International Monetary Fund and periodically allocated to its members. Members are allocated according to their quota. The week of September 6 saw an increase in forex reserves as foreign currency assets increased.