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Forex reserves surge by $5.867 billion to record high of $551.505 billion

PTI     October 16, 2020

The country's foreign exchange reserves surged by $5.867 billion to touch a record high of $551.505 billion in the week to October 9, according to the RBI data.

In the previous week ended October 2, 2020, the reserves had increased by $3.618 billion to $545.638 billion.

During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets (FCA), a major component of the overall reserves.

FCA 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-US 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 (IMF) 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.

Also read: Rupee slips 6 paise to 73.42 per dollar in early trade

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