The country’s foreign exchange reserves surged by $ 4.525 billion to touch a record high of $ 579.346 billion in the week ended December 4, the RBI data showed. In the previous week ended November 27, the reserves had declined by $ 469 million to $ 574.821 billion.
In the reporting week, the increase in reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $ 3.932 billion to $ 537.386 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 increased by $ 535 million in the reporting week to $ 35.728 billion in the week ended December 4, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $ 12 million to $ 1.506 billion. The country’s reserve position with the IMF increased by $ 46 million to $ 4.725 billion.