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.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

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.