India’s forex reserves surge $5.4 billion to all-time high of $560.532 billion

The country’s foreign exchange reserves swelled by $5.412 billion to touch an all-time high of $560.532 billion in the week ended October 23, RBI data showed on October 30. In the previous week ended October 16, the reserves stood at $555.12 billion after increasing by $3.615 billion.

During the reporting week, the surge in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $5.202 billion to $517.524 billion, the RBI’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 were up by $175 million in the reporting week to $36.860 billion, as per the central bank data.

The special drawing rights with the International Monetary Fund (IMF) rose by $8 million to $1.487 billion. The country’s reserve position with the IMF also climbed by $27 million to $4.661 billion during the reporting week, the data showed.