India's Forex Reserves Soar To Lifetime High Of $560.5 Billion; Up By $5.4 Billion In Week Ending 23 October

India’s foreign exchange reserves jumped higher by $5.412 billion, during the week ended 23 October to reach an unprecedented lifetime-high, reports Financial Express.

Reserve Bank of India’s weekly statistical supplement states, the reserves rose to $560.532 billion from $555.12 billion reported for the week ended 16 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 $5.202 billion to $517.524 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 $175 million to $36.860 billion.

In addition to these, the nation's reserve position with the IMF increased by $27 million to $4.661 billion, while India's special drawing rights with the IMF increased by $8 million to $1.487 billion.