India’s Forex Reserves Rise To Record High Of $551.5 Billion
A U.S. one-hundred dollar banknote and Indian ten rupee banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

India’s Forex Reserves Rise To Record High Of $551.5 Billion

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The country's foreign exchange reserves surged by $5.867 billion to touch a record high of $551.505 billion in the week to Oct. 9, according to the Reserve Bank of India data.

In the week ended Oct. 2, reserves had increased by $3.618 billion to $545.638 billion.

During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets, a major component of the overall reserves. Foreign currency assets rose by $5.737 billion to $508.783 billion. 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.

Also read: RBI Announces First Open Market Operation In State Bonds

The gold reserves were up by $113 million in the reporting week to $36.598 billion, the RBI data showed. The special drawing rights with the International Monetary Fund rose by $4 million to $1.480 billion during the week. The country's reserve position with the IMF was also up by $13 million to $4.644 billion during the reporting week, the data showed.

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