India’s foreign exchange (Forex) reserves on the week ending 3 January touched a new high of $461.157 billion, after it surged by $3.689 billion in just a week’s time, stated the Reserve Bank of India (RBI) data.
In the previous week, the reserves had risen by $2.52 billion to $454.948 billion.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).
The special drawing rights with the International Monetary Fund were up by $7 million to $1.447 billion. The country’s reserve position with the IMF increased by $3 million to $3.703 billion, the data showed.
In the reporting week, the increase in reserve was mainly on account of a spike in foreign currency assets, a major component of the overall reserves, which rose by $3.013 billion to $427.949 billion, the data released by the RBI on January 10 showed.
In terms of dollars, the foreign currency assets include the increase or decrease of non-US units like the euro, pound and yen held in the forex reserves.
In the reporting week, gold reserves rose by $666 million to $28.058 billion.
(With input from agencies)