India's Foreign Exchange Reserves Swell By $4.852 Billion To Reach Record High Of $590.185 Billion

India’s foreign exchange reserves jumped up by around $4.852 billion during the week ending 29 January to reach a record high of over $590.185 billion, reports Livemint.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose from previous week's $585.333 billion to $590.185 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).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $5.026 billion to $547.218 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.

Meanwhile, the value of the country’s gold reserves declined by $164 million to $36.294 billion.

In addition to these, India's reserve position with the IMF fell by $6 million to $5.165 billion. Also, India's special drawing rights with the IMF edged lower by $4 million to $1.508 billion.