Forex Reserves Touch Fresh Record Of $555.12 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)

Forex Reserves Touch Fresh Record Of $555.12 Billion

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The country's foreign exchange reserves touched a lifetime high of $555.12 billion after it surged by $3.615 billion in the week ended Oct.16, according to Reserve Bank of India data.

In the previous week ended Oct. 9, 2020, the reserves had increased by $5.867 billion to reach $551.505 billion.

During the latest reporting week, the rise in total reserves was due to a sharp rise in Foreign Currency Assets, a major component of the overall reserves. FCAs jumped by $3.539 billion to $512.322 billion, the data showed.

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

Gold reserves were up by $86 million in the reporting week to $36.685 billion.

Also read: India’s Forex Reserves And The Problem Of Plenty

The special drawing rights with the International Monetary Fund remained unchanged at $1.480 billion during the reporting week.

The country's reserve position with the IMF declined by $11 million to $4.634 billion during the reporting week, as per the data.

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