Kamal Ghorui
India’s foreign exchange reserves surged $4.885 billion to an all-time high of $728.494 billion during the week ended February 27, according to data released by the Reserve Bank of India (RBI) on Friday.In the previous reporting week, the country’s reserves had declined by $2.119 billion to $723.608 billion, PTI reported. The earlier record high stood at $725.727 billion during the week ended February 13.For the latest reporting week, foreign currency assets (FCA)–the largest component of the reserves –rose by $561 million to $573.125 billion, the RBI data showed.Expressed in dollar terms, foreign currency assets include the impact of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.The value of gold reserves increased by $4.141 billion to $131.630 billion during the week, the central bank said.Meanwhile, Special Drawing Rights (SDRs) rose $26 million to $18.87 billion, according to the RBI.India’s reserve position with the International Monetary Fund (IMF) also increased $158 million to $4.87 billion in the reporting week, the data showed.
