India's Foreign Exchange Reserves Rise By $1.091 Billion To Reach $585.334 Billion

India’s foreign exchange reserves jumped up by around $1.091 billion during the week ending 22 January to $585.334 billion, reports Financial Express.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose from previous week's $584.242 billion to $585.334 billion. However, it is still lower than the life-time high of $586.082 billion which was reported in the week ending 8 January.

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 $685 million to $542.192 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.

Meanwhile, the value of the country’s gold reserves increased by $398 million to $36.459 billion.

In addition to these, India's reserve position with the IMF increased by $7 million to $5.171 billion. Also, India's special drawing rights with the IMF rose by $1 million to $1.513 billion.