India's Foreign Exchange Reserves Rise By $3.615 Billion To Reach Record High Of $555.12 Billion

India's Foreign Exchange Reserves Rise By $3.615 Billion To Reach Record High Of $555.12 BillionThe RBI headquarters in Mumbai. (GettyImages)

India’s foreign exchange reserves rose $3.615 billion during the week ended 16 October.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to record high of $555.120 billion from $551.505 billion reported for the week ended 9 October.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.539 billion to $512.322 billion.

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.

Similarly, the value of the country’s gold reserves increased, by $86 million to $36.685 billion.

However, the SDR value stood flat at $1.480 billion, while the country’s reserve position with the IMF declined by $11 million to $4.634 billion.

(With inputs from IANS)