India’s Foreign Exchange Reserves Rise By $4.60 Billion To Reach Record High Of $471.3 Billion

India's foreign exchange reserves have surged by $4.607 billion to an all-time record high of $471.3 billion in the week ending on 31 January, reports Financial Express.

The RBI's reserves rose by $4.60 billion during the week under review, official data showed on Friday (7 February).

According to the RBI's weekly statistical supplement, the overall forex reserves increased to $471.30 billion from $466.69 billion reported for the week ended 24 January.

The surge in the reserves has been primarily driven by the increase in the foreign currency assets, which increased by $4.329 billion to $437.248 billion.

Meanwhile, another key component of the forex reserves, the value of country’s gold reserves, also increased by $282 million to $28.99 billion.

However, the special drawing rights with the International Monetary Fund (IMF) decreased marginally by $4 million to $1.43 billion.