The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed that India’s foreign exchange reserves had reached a record high. As per the data released by the RBI, the forex reserves surged by $2.518 billion during the week ending 20 November and reached over $575.29 billion.
India’s forex reserves comprise 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 (FCAs) is the largest component of the forex reserves. It is expressed in dollar terms. The FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.
FCAs surged higher by $2.835 billion to $533.103 billion. The value of the country’s gold reserves declined by $339 million to $36.015 billion. India’s reserve position with the IMF also rose by $19 million to $4.680 billion, while India’s special drawing rights with the IMF remained rose marginally by $4 million to $1.492 billion.