India's Forex Reserves Jump To Another Record High Of $590.18 Billion

In the week ended 29 January, India's foreign exchange reserves rose $4.85 billion to touch a record high of $590.18 billion, the latest data from the RBI said.

The reserves rose by $1.09 billion to $585.33 billion, in the previous week ended 22 January.

In the reporting week ended 29 January, the reserves rose on account of an increase in foreign currency assets, a major component of the overall reserves.

FCA (foreign currency assets) increased $5.03 billion to $547.22 billion, showed the Reserve Bank of India's (RBI) weekly data.

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 $164 million to $36.29 billion in the week ended 29 January, the data showed.

The special drawing rights with the International Monetary Fund (IMF) were down by $4 million to $1.51 billion in the reporting week.

The country's reserve position with the IMF also declined by $6 million to $5.16 billion in the week, the data showed.