India's Foreign Exchange Reserves Continue To Soar, Surge By $1.013 Billion To Reach Record High Of $610.012 Billion

India's foreign exchange reserves surged by over a billion dollars to reach a lifetime high of $610.012 billion in the week which ended on 2 July as per the latest data released by the Reserve Bank of India (RBI), reports Livemint.

According to RBI's weekly statistical supplement data, the foreign exchange reserves rose by $1.013 billion to $610.012 billion.

In the previous week, the reserves had witnessed a big jump of $5.066 billion to $608.999 billion. This week, the surge was mainly driven by the rise in foreign currency assets (FCAs) which form the major component of the overall forex reserve kitty.

FCAs surged by $748 million to $566.988 billion. FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Other than this, gold reserves climbed $76 million to $36.372 billion. Also, India's special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $49 million to $1.548 billion.

Additionally, the said week also saw India's reserve position with the IMF increase by $139 million to $5.105 billion.