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Foreign Exchange Reserves Jump $ 4.85 Billion to Record $ 590.18 Billion

Representative Image

Representative Image

In the previous week ended January 22, the reserves rose by $ 1.09 billion to $ 585.33 billion.

The country's foreign exchange reserves rose $ 4.85 billion to touch a record high of $ 590.18 billion in the week ended January 29, according to the latest data from the RBI. In the previous week ended January 22, the reserves rose by $ 1.09 billion to $ 585.33 billion.

In the reporting week ended January 29, the reserves rose on account of an increase in foreign currency assets, a major component of the overall reserves. FCA increased $ 5.03 billion to $ 547.22 billion, the Reserve Bank of India's (RBI) 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. The gold reserves declined $ 164 million to $36.29 billion in the week ended January 29, the data showed.

The special drawing rights with the International Monetary Fund (IMF) were down by $ 4 million to $ 1.51 billion in the reporting week. The country's reserve position with the IMF also declined by $ 6 million to $ 5.16 billion in the week, the data showed.

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first published:February 05, 2021, 21:19 IST