Forex reserves peak record high $551.5 bn

The country’s foreign exchange reserves surged by $5.867 billion to touch a record high of $551.505 billion in the week to October 9, according to the RBI data.

In the previous week ended October 2, 2020, the reserves had increased by $3.618 billion to $545.638 billion. During the reporting week, the increase in forex kitty was on account of rise in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $5.737 bn to $508.783 billion. 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 were up by $113 million in the reporting week to $36.598 billion, the RBI data showed.