Forex reserves surge $3.8 bn to all-time high of $541.4 bn

The country’s foreign exchange reserves surged by $3.883 billion to touch a life-time high of $541.431 billion in the week ended August 28, the Reserve Bank of India (RBI) data showed.

In the previous week ended August 21, the reserves had risen by $2.296 billion to $537.548 billion. In the reporting week, the forex kitty rose mainly on the back of a jump in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs increased by $3.925 billion to $498.094 billion, the central bank 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 were down by $64 million in the reporting week to $37.2 billion, as per the RBI data. The special drawing rights with the International Monetary Fund (IMF) remained unchanged at $1.481 billion. The country’s reserve position with the IMF rose by $22 million to $4.657 billion during the reporting week, the data showed.