India’s Forex Reserves Surge $7.78 Billion To Record High of $568.5 Billion

According to the RBI data showed, 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. 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. Foreign currency assets rose by $5.737 billion to $508.783 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-U.S. units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves were up by $113 million in the reporting week to $36.598 billion, the RBI data showed. The special drawing rights with the International Monetary Fund rose by $4 million to $1.480 billion during the week. The country’s reserve position with the IMF was also up by $13 million to $4.644 billion during the reporting week, the data showed. FCAs increased by $6.403 billion to $524.742 billion, the central bank’s weekly data showed.  The central bank’s weekly data, released on Friday, showed that FCAs rose by $6.403 billion to $524.742 billion.