New Delhi: The Foreign exchange reserves of the country surged to a 5-month high in the week ended on January 13. The weekly statistical supplement released by the Reserve Bank of India (RBI) revealed this. The forex reserves rose to $572 billion in the week. It is their highest level since early August last year. That is higher than the country’s reserves of $561.58 billion for the week ended January 6, and the more-than-two-year low of $524.52 billion hit in October 2022.
The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
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FCAs surged by $9.078 billion to $505.519 billion. Gold reserves jumped by $1.106 billion to $42.890 billion. The Special Drawing Rights (SDRs) were up by $147 million to $18.364 billion. The country’s reserve position with the International Monetary Fund (IMF) was up by $86 million to $ 5.227 billion .
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