India's Forex reserves jump by USD 4.85 billion to record high of USD 590.18 billion

The country's foreign exchange reserves rose USD 4.85 billion to touch a record high of USD 590.18 billion in the week ended January 29, 2021, according to the latest data from the RBI. In the previous week ended January 22, the reserves rose by USD 1.09 billion to USD 585.33 billion.

In the reporting week ended January 29, 2021, the reserves rose on account of an increase in foreign currency assets, a major component of the overall reserves. FCA increased USD 5.03 billion to USD 547.22 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 declined USD 164 million to USD36.29 billion in the week ended January 29, the data showed.

The special drawing rights with the International Monetary Fund (IMF) were down by USD 4 million to USD 1.51 billion in the reporting week. The country's reserve position with the IMF also declined by USD 6 million to USD 5.16 billion in the week, the data showed.