India's Foreign Exchange Reserves Surge By $5.066 Billion To All-Time High Of $608.999 Billion

India's Foreign Exchange Reserves Surge By $5.066 Billion To All-Time High Of $608.999 BillionRBI headquarters in Mumbai. (INDRANIL MUKHERJEE/AFP/Getty Images)

In a positive development, India's forex reserves surged by $5.066 billion and touched an all-time high of $608.999 billion in the week ended on 25 June, reports Livemint.

As per the latest RBI weekly statistical supplement data, the surge primarily came on account of the rise in the nation's foreign currency assets (FCAs) which swell by $4.7 billion to reach $566.24 billion. FCAs form a major component of the overall reserves. It includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the reserves.

Meanwhile, the second-largest component of the overall reserves, India's gold reserves witnessed a rise of $365 million to $36.296 billion.

The country also saw its reserve position with the International Monetary Fund (IMF) increase marginally by $1 million to $4.965 billion. Meanwhile, India's special drawing rights (SDRs) with the IMF remained unchanged at $1.498 billion in the week which ended on 25 June.

It should be noted that in the week before this, India's overall forex reserves has slipped by $4.148 billion to $603.933 billion due to a fall in gold and FCA assets.