The data released by the Reserve Bank of India (RBI) has revealed that the foreign exchange reserve of India has surged up.
India’s foreign exchange reserves edged higher by $3.618 billion during the week ended 2 October. The forex reserve has reached a record high of $545.638 billion. The weekly statistical supplement issued by RBI has revealed this. India’s forex reserves rose to $545.638 billion from previous week’s $542.02 billion.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the nation’s reserve position with the International Monetary Fund (IMF).
FCAs is the the largest component of the forex reserves. The FCAs is expressed in dollar terms. It s include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. The FCAs edged higher by $3.104 billion to $503.046 billion.
The value of the country’s gold reserves increased by $486 million to $36.486 billion.
Meanwhile, India’s reserve position with the IMF increased by $23 million to $4.631 billion, and the nation’s special drawing rights with the IMF increased marginally by $4 million to $1.476 billion.