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India’s foreign exchange reserves touches record high

The foreign exchange reserves has touched a record high. This was revealed by the Weekly Statistical Report by Reserve Bank of India (RBI). The forex reserves surged by 4.85 billion US Dollars to touch a record high of 590.18 billion US dollars in the week ended January 29.

The foreign currency assets (FCA) is increased by 5.03 billion US dollars to 547.22 billion US dollars. FCA is the major component of the forex reserve. 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. It is expressed in dollar terms.

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But the gold reserves declined by 164 million US dollars to 36.29 billion US dollars .¬†The special drawing rights with the International Monetary Fund (IMF) were also declined by 4 million US dollars to 1.51 billion US dollars. India’s reserve position with the IMF also declined by 6 million US dollars to 5.16 billion US dollars

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