Forex Reserves Jump To Record $590.18 Billion

The country's foreign exchange reserves rose $4.85 billion to touch a record high of $590.18 billion in the week ended Jan. 29, according to the latest data from the RBI.

In the previous week ended Jan. 22, the reserves rose by $1.09 billion to $585.33 billion.

In the reporting week ended Jan. 29, the reserves rose on account of an increase in foreign currency assets, a major component of the overall reserves.

FCAs increased $5.03 billion to $547.22 billion, the Reserve Bank of India's weekly data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-U.S. units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves declined$164 million to $36.29 billion in the week ended Jan. 29, the data showed.

The special drawing rights with the International Monetary Fund were down by $4 million to $1.51 billion in the reporting week.

The country's reserve position with the IMF also declined by $6 million to $5.16 billion in the week, the data showed.