India's Forex Reserves Swell By $4.483 Billion To Record High Of $585.324 Billion; FCAs, Gold Reserves Rise

India’s foreign exchange reserves jumped up by around $4.483 billion during the week ending 1 January to reach a record high of over $585.324 billion, reports Financial Express.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose from previous week's $580.841 billion to $585.324 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 $4.168 billion to $541.642 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 increased by $315 million to $37.026 billion.

In addition to these, India's reserve position with the IMF remained the same at $5.145 billion. Also, India's special drawing rights with the IMF remained the same at $1.510 billion.