India's Foreign Exchange Reserves Surge By $758 Million To Reach Record High Of $586.082 Billion

India’s foreign exchange reserves jumped up by around $758 million during the week ending 8 January to reach a record high of over $586.082 billion, reports Financial Express.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose from previous week's $585.324 billion to $586.082 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).

Expressed in dollar terms, the 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.

Meanwhile, the value of the country’s gold reserves increased by $568 million to $37.594 billion.

In addition to these, India's reserve position with the IMF surged by $35 million to $5.181 billion. Also, India's special drawing rights with the IMF edged higher marginally by $5 million to $1.515 billion.