The country’s foreign exchange reserves surged by $4.483 billion to touch a record high of $585.324 billion in the week ended January 1, RBI data showed on Friday.
In the previous week ended December 25, the reserves had declined by $290 million to $580.841 billion.
In the reporting week, the increase in reserves was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves.
FCAs climbed by $4.168 billion to $541.642 billion, weekly data by the Reserve Bank of India (RBI) 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.
Gold reserves rose by $315 million to $37.026 billion in the week ended January 1, as per the data.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at $1.510 billion.
The country’s reserve position with the IMF stood at $5.145 billion, same as the previous week.
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Go to the news source: Forex reserves swell by $4.483 bn to record $585.324 bn