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).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $150 million to $541.791 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 $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.