The weekly statistical supplement released by the Reserve bank of India (RBI) has revealed that the foreign exchange reserves of the country has touched record high. The foreign exchange reserves of the country has surged by around $4.277 billion during the week ended 6 November. The forex reserve has reached at a record high of over $572.771 billion. The reserves rose to $572.771 billion from $568.494 billion reported for the week ended 6 November.
India’s forex reserves include foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).
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Foreign currency assets (FCAs) is the largest component of the forex reserves. Expressed in in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. The FCAs surged by by $5.526 billion to $530.268 billion.
The value of the country’s gold reserves declines by $1.233 billion to $36.354 billion. India’s reserve position with the IMF slipped by $15 million to $4.661 billion. And the special drawing rights with the IMF remained firm at $1.488 billion.
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