India's Foreign Exchange Reserves Rise By $1.091 Billion To Reach $585.334 Billion

India’s foreign exchange reserves jumped up by around $1.091 billion during the week ending 22 January to $585.334 billion, reports Financial Express.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose from previous week's $584.242 billion to $585.334 billion. However, it is still lower than the life-time high of $586.082 billion which was reported in the week ending 8 January.

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).

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

Meanwhile, the value of the country’s gold reserves increased by $398 million to $36.459 billion.

In addition to these, India's reserve position with the IMF increased by $7 million to $5.171 billion. Also, India's special drawing rights with the IMF rose by $1 million to $1.513 billion.