Forex Reserves Touch Fresh Record Of $555.12 Billion
The country's foreign exchange reserves touched a lifetime high of $555.12 billion after it surged by $3.615 billion in the week ended Oct.16, according to Reserve Bank of India data.
In the previous week ended Oct. 9, 2020, the reserves had increased by $5.867 billion to reach $551.505 billion.
During the latest reporting week, the rise in total reserves was due to a sharp rise in Foreign Currency Assets, a major component of the overall reserves. FCAs jumped by $3.539 billion to $512.322 billion, the data showed.
Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-U.S. units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves were up by $86 million in the reporting week to $36.685 billion.
The special drawing rights with the International Monetary Fund remained unchanged at $1.480 billion during the reporting week.
The country's reserve position with the IMF declined by $11 million to $4.634 billion during the reporting week, as per the data.