The data released by the Reserve bank of India (RBI) has revealed that the foreign exchange reserves of the country has touched a record high. The weekly statistical supplement released by the RBI has revealed this. As per RBI the forex reserves of the country has surged by $3.615 billion during the week ended 16 October.
The forex reserves rised to reach the record high of $555.120 billion from $551.505 billion reported for the week ended 9 October.
India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF). The foreign currency assets, which is expressed in dollar terms include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. FCAs, the largest component of the forex reserves, edged higher by $3.539 billion to $512.322 billion.
The value of the country’s gold reserves increased, by $86 million to $36.685 billion. The SDR value remained flat at $1.480 billion and the country’s reserve position with the IMF declined by $11 million to $4.634 billion.