India’s Forex Reserves Rise To Record High Of $551.5 Billion
The country’s foreign exchhange reserves rose by $5.867 billion in the week ended Oct. 9.
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.
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.