India’s Foreign Exchange Reserves Reach Record High of $555.12 Billion

India’s foreign exchange reserves surged by USD 3.615 billion, reaching a new all-time high of USD 555.12 billion in the week ended October 16, 2020, according to RBI data. This follows a previous increase of USD 5.867 billion in the week ended October 9, 2020, when the reserves reached USD 551.505 billion.

Foreign currency assets (FCA), a significant component of the overall reserves, increased by USD 3.539 billion to USD 512.322 billion. In dollar terms, FCAs reflect the appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the reserves.

Gold reserves also saw an increase of USD 86 million in the reporting week, bringing the total to USD 36.685 billion. The country’s special drawing rights with the International Monetary Fund remained unchanged at USD 1.480 billion, while the reserve position with the IMF declined by USD 11 million to USD 4.634 billion.