India's Forex Reserves Continue To Soar, Surge By $7.78 Billion To Reach Record High Of $568.5 Billion

India’s foreign exchange reserves jumped higher by around $7.78 billion during the week ended 6 November to reach a record high of over $568 billion, reports Financial Express.

According to Reserve Bank of India (RBI)’s weekly statistical supplement, the reserves rose by $7.779 billion to $568.494 billion from $560.715 billion reported for the week ended 30 October.

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 $6.403 billion to $524.742 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 also went up by $1.328 billion to $37.587 billion.

In addition to these, the nation's reserve position with the IMF increased by $40 million to $4.676 billion, while India's special drawing rights with the IMF increased by $7 million to $1.488 billion.