India’s Forex Reserves Surge $7.78 Billion To Record High of $568.5 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 Surge $7.78 Billion To Record High of $568.5 Billion

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India’s foreign exchange reserves rose $7.78 billion to touch a record high of $568.5 billion in the week ended Nov. 6, 2020, Reserve Bank of India’s data showed Friday.

The reserves had in the previous week risen by $183 million to $560.715 billion.

The jump in the reported week was mainly on account of a surge in foreign currency assets, a major component of India’s overall reserves. FCAs increased by $6.403 billion to $524.742 billion, the central bank’s weekly data showed.

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

After declining in the previous week, gold reserves rose by $1.328 billion to $37.587 billion in the week ended Nov. 6, according to RBI data. The special drawing rights with the International Monetary Fund rose by $7 million to $1.488 billion during the week.

The country's reserve position with IMF also increased by $40 million to $4.676 billion.

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