Indian Forex Reserves Shoot Up By $2.5 Billion To Touch Lifetime High Of $575.3 Billion

India’s foreign exchange reserves jumped by around $2.518 billion during the week ending 20 November to reach a record high of over $575.29 billion, reports Financial Express. According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose to $575.29 billion from $572.771 billion.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $2.835 billion to $533.103 billion.

The value of the country’s gold reserves declined by $339 million to $36.015 billion.

In addition to these, the nation's reserve position with the IMF also rose by $19 million to $4.680 billion, while India's special drawing rights with the IMF remained rose marginally by $4 million to $1.492 billion.