India’s Forex Reserves Surge $4.277 Billion To Reach Lifetime Record High Of $572.771 Billion

India’s foreign exchange reserves jumped higher by around $4.277 billion during the week ended 6 November to reach a record high of over $572.771 billion, reports Times of India.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose to $572.771 billion from $568.494 billion reported for the week ended 6 November.

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.

The value of the country’s gold reserves declines by $1.233 billion to $36.354 billion.

In addition to these, the nation's reserve position with the IMF fell by $15 million to $4.661 billion, while India's special drawing rights with the IMF remained unchanged at $1.488 billion.