Forex reserves up by USD 2.56 bn to record USD 581.131 bn

Mumbai: The country’s foreign exchange reserves surged by USD 2.563 billion to touch a record high of USD 581.131 billion in the week to December 18, RBI data showed.

In the previous week, the reserves had declined by USD 778 million to USD 578.568 billion.

In the reporting week, the increase in reserves was due to a rise in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs rose by USD 1.382 billion to USD 537.727 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.

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The gold reserves increased by USD 1.008 billion in the reporting week to USD 37.020 billion in the week ended December 18, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by USD 12 million to USD 1.515 billion.

The country’s reserve position with the IMF also rose by USD 160 million to USD 4.870 billion.

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