Country's forex reserves up USD 183 million to record high of USD 560.715 million

The country's foreign exchange reserves rose USD 183 million to touch a record high of USD 560.715 billion in the week ended October 30, 2020. In the previous week ended October 23, 2020, the reserves had jumped USD 5.412 billion to USD 560.532 billion.

According to the Reserve Bank India (RBI) data, in the reporting week, the reserves rose due to an increase in foreign currency assets (FCS, which is a major component of the overall reserves. FCA rose by USD 815 million to USD 518.339 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 RBI's weekly data showed that Gold reserves declined USD 601 million in the reporting week to USD 36.259 billion. The RBI data also showed the special drawing rights with the International Monetary Fund (IMF) decreased USD 6 million to USD 1.482 billion during the week. The country's reserve position with the IMF also declined by USD 25 million to USD 4.636 billion during the reporting week.