Forex Reserves Surge $4.277 Billion to Record High of $572.771 Bn

Forex Reserves Surge $4.277 Billion to Record High of $572.771 Bn

The country’s foreign exchange reserves swelled by $ 4.277 billion to a lifetime high of $ 572.771 billion in the week ended November 13, RBI data showed on Friday. In the previous week ended November 6, the reserves had risen by a massive $ 7.779 billion to $ 568.494 billion. In the reporting week, the jump in reserves was on account of an increase in foreign current assets (FCAs), a major component of the overall reserves.

FCAs climbed by $ 5.526 billion to $ 530.268 billion, the Reserve Bank of India’s weekly data showed. 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 gold reserves declined by $ 1.233 billion in the reporting week to $ 36.354 billion, as per the data.

The special drawing rights with the International Monetary Fund (IMF) remained unchanged at $ 1.488 billion. The country’s reserve position with the IMF dipped by $ 15 million to $ 4.661 billion during the reporting week.

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