India's Foreign Exchange Reserves Surge By $3.378 Billion To Reach An All-Time High Of $545.038 Billion

India’s foreign exchange reserves edged higher by $3.378 billion during the week ended 18 September to reach a record high of $544.038 billion, reports Financial Express.

According to the Reserve Bank of India’s weekly statistical supplement, India's forex reserves rose to $545.038 billion from previous week's $541.660 billion.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the nation'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.

However, the value of the country’s gold reserves fell by $580 million to $37.440 billion.

Meanwhile, India's reserve position with the IMF increased by $14 million to $4.651 billion, and the nation's special drawing rights with the IMF increased marginally by $1 1 million to $1.483 billion.