India's Forex Reserves Surge To USD 582.406 billion

For the week ended April 16, India's forex reserves surged by USD 1.193 billion to reach USD 582.406 billion.

In the previous week, forex kitty soared by USD 4.344 billion to USD 581.213 billion. Interestingly in the week ended January 29, 2021, forex reserves hit a lifetime high of USD 590.185 billion.

India's Forex Reserves Surge To USD 582.406 billion

For the period under review, the increase in forex was primarily due to a rise in FCA or foreign currency assets, a major component of the overall reserves. As per the RBI data, FCAs surged byUSD 1.13 billion to USD 540.585 billion.

FCAs represented in dollar terms includes the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by USD 34 million to USD 35.354 billion in the reporting week, as per the data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by USD 6 million to USD 1.498 billion.

The country's reserve position with the IMF rose by USD 23 million to USD 4.969 billion in the reporting week, according to the central bank data.

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