Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation's central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling. The country’s forex reserves had contracted by $1.71 billion to $652 billion for the week ending on June 28 but have bounced back to resume the rising trend of previous weeks. "Touching a new milestone, India's foreign exchange reserves reached a historical high of $651.5 billion as on May 31," Das said in his statement while announcing the bimonthly policy review. TheHindu Businessline operates by its editorial values to provide you quality journalism. In a conservative view, forex should only contain foreign banknotes, foreign treasury bills, foreign bank deposits, and long and short-term foreign government securities. But, in practice, it also contains gold reserves, IMF reserve positions, and SDRs, or special drawi
