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

Forex reserves up by $2.56 billion to record $581.131 billion

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

Representative image: iStock Photo

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

In the previous week, the reserves had declined by $ 778 million to $ 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 $ 1.382 billion to $ 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.

The gold reserves increased by $ 1.008 billion in the reporting week to $ 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 $ 12 million to $ 1.515 billion.

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