India’s Forex Reserves Surge $5.4 Billion To All-Time High of $560.53 Billion: RBI
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 Surge $5.4 Billion To All-Time High of $560.53 Billion: RBI

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India’s foreign exchange reserves rose by $5.41 billion to touch an all-time high of $560.53 billion in the week ended Oct. 23, central bank data showed Friday.

The forex reserves stood at $555.12 billion in the week ended Oct. 16.

According to RBI data,

  • Gold reserves rose $175 million to $36.860 billion in the week to Oct. 23.
  • Special drawing rights with IMF rose by $8 million to $1.487 billion.
  • India’s reserve position with IMF rose $27 million to $4.661 billion.

During the reporting week, the surge in the forex reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves. FCA rose by $5.20 billion to $517.524 billion, according to Reserve Bank of India data.

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

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