India’s forex reserves hit new record highs, cross USD 461 bn

#dailynews60 : The country’s foreign exchange reserves rose by USD 58 million to reach a life-time high of USD 461.21 billion in the week ending January 10, according to RBI data.

In the previous week, the reserves had increased by USD 3.689 billion to USD 461.15 billion.

In the reporting week, the reserves rose despite a decline in foreign currency assets (FCA), which is a major component of the overall reserves.

FCA decreased by USD 367 million to USD 427.582 billion, the RBI data released on Friday 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 forex reserves.

In the reporting week, gold reserves rose by USD 435 million to USD 28.492 billion.

The special drawing rights with the International Monetary Fund were down by USD 5 million to USD 1.442 billion.

The country’s reserve position with the IMF also declined by USD 5 million to USD 3.697 billion, the data showed.