Indian Forex Reserves Shoot Up By $4.525 Billion To Touch Lifetime High Of $579.346 Billion

India’s foreign exchange reserves jumped by around $4.525 billion during the week ending 4 December to reach a record high of over $579.346 billion, reports Livemint.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose from $574.821 billion to reach lifetime high.

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).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.932 billion to $537.386 billion.

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.

The value of the country’s gold reserves increased by $535 million to $35.728 billion.

In addition to these, the nation's reserve position with the IMF also rose by $46 million to $4.725 billion, while India's special drawing rights with the IMF remained rose marginally by $12 million to $1.506 billion.