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