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India's Forex Reserves Swell By $4.483 Billion To Record High Of $585.324 Billion; FCAs, Gold Reserves Rise
The Reserve Bank of India
India’s foreign exchange reserves jumped up by around $4.483 billion during the week ending 1 January to reach a record high of over $585.324 billion, reports Financial Express.
According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose from previous week's $580.841 billion to $585.324 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 increased by $315 million to $37.026 billion.
In addition to these, India's reserve position with the IMF remained the same at $5.145 billion. Also, India's special drawing rights with the IMF remained the same at $1.510 billion.
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