India's Forex reserves rise to $462.16 billion in the week ended Jan 17: RBI

India's foreign exchange (forex) reserves rose by USD 943 million to touch a life-time high of USD 462.16 billion in the week ended January 17, 2020, RBI data. Increase in foreign currency assets is the main reason for this rise in the reserves.

India's foreign currency assets - a major component of the overall reserves - rose by USD 867 million to USD 428.45 billion from USD 427.58 billion in the previous week.

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.

In the reporting week, gold reserves increased USD 70 million to USD 28.56 billion from USD 28.49 billion in the previous week.

The special drawing rights with the International Monetary Fund (IMF) were up by USD 3 million to 1.45 USD billion. The country's reserve position with the IMF rose by USD3 million to USD 3.70 billion.

India has large foreign-exchange reserves, which is managed by the Reserve Bank of India for the Indian government and the main component is foreign currency assets.