This Article is From Nov 13, 2020

Foreign Exchange Reserves Surge $8 Billion To Record High Of $568 Billion

In the previous week ended October 30, the reserves had increased by $183 million to $560.715 billion.

Foreign Exchange Reserves Surge $8 Billion To Record High Of $568 Billion

The country's foreign exchange reserves jumped by a massive $7.779 billion to touch a lifetime high of $568.494 billion in the week ended November 6, RBI data showed on Friday.

In the previous week ended October 30, the reserves had increased by $183 million to $560.715 billion.

In the reporting week, the jump in reserves was mainly on account of an increase in foreign current assets (FCAs), a major component of the overall reserves.

FCAs increased by $6.403 billion to $524.742 billion, the central bank's weekly data showed.

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.

After declining in the previous week, the gold reserves rose by $1.328 billion to $37.587 billion in the week ended November 6, as per the Reserve Bank of India (RBI) data.

The special drawing rights with the International Monetary Fund (IMF) rose by $7 million to $1.488 billion during the week.

The country's reserve position with the IMF also increased by $40 million to $4.676 billion.