India's Foreign Exchange Reserves Swell By $4.852 Billion To Reach Record High Of $590.185 Billion

India’s foreign exchange reserves jumped up by around $4.852 billion during the week ending 29 January to reach a record high of over $590.185 billion, reports Livemint.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose from previous week's $585.333 billion to $590.185 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).

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 declined by $164 million to $36.294 billion.

In addition to these, India's reserve position with the IMF fell by $6 million to $5.165 billion. Also, India's special drawing rights with the IMF edged lower by $4 million to $1.508 billion.