The country’s foreign exchange reserves rose by 4.85 billion US Dollars to touch a record high of 590.18 billion dollars in the week ended January 29. Forex reserves rose on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA increased by 5.03 billion dollars to 547.22 billion dollars.
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 gold reserves declined by 164 million dollars to 36.29 billion dollars in the week ended January 29.
The special drawing rights with the International Monetary Fund (IMF) were down by 4 million dollars to 1.51 billion dollars in the reporting week. The country’s reserve position with the IMF also declined by 6 million dollars to 5.16 billion dollars in the week.