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Commodities reserves touch lifetime high at $545 bn; bank deposit rises faster than last year, shows RBI

The value of bank deposits in India rose 12 per cent on-year in the fortnight ended 11 September 2020, compared to 10 per cent last year.India’s foreign exchange reserves surged to a lifetime high of $545.038 billion in the week ended September 18. The week saw a rise of $3.378 billion in commodities reserves, according to the weekly publication of RBI. The reserves had fallen by $353 million to $541.660 billion in the previous week. A rise of $3.943 billion to $501.464 billion in foreign currency assets is mainly attributed to the rise in overall commodities reserves. Foreign Currency Assets (FCA) are the most important component of the RBI’s foreign exchange reserve and include assets like US Treasury Bills bought by the RBI using foreign currencies. However, on the other hand, the gold reserves fell by $580 million in the week.

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