India’s Forex Reserves Surge $4.277 Billion To Reach Lifetime Record High Of $572.771 Billion

India’s Forex Reserves Surge  $4.277 Billion To Reach Lifetime Record High Of $572.771 BillionRBI office in Mumbai. (Aniruddha Chowdhury/Mint via Getty Images)

India’s foreign exchange reserves jumped higher by around $4.277 billion during the week ended 6 November to reach a record high of over $572.771 billion, reports Times of India.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose to $572.771 billion from $568.494 billion reported for the week ended 6 November.

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 $5.526 billion to $530.268 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.

The value of the country’s gold reserves declines by $1.233 billion to $36.354 billion.

In addition to these, the nation's reserve position with the IMF fell by $15 million to $4.661 billion, while India's special drawing rights with the IMF remained unchanged at $1.488 billion.