Forex reserves rise by $5.867 billion to lifetime high of $551.5 billion

The country's foreign exchange reserves surged by $5.867 billion to touch a record high of $551.5 billion in the week to October 9, according to the RBI data

The country's foreign exchange reserves surged by USD 5.867 billion to touch a record high of USD 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 USD 3.618 billion to USD 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 USD 5.737 billion to USD 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 USD 113 million in the reporting week to USD 36.598 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 4 million to USD 1.480 billion during the week.

The country's reserve position with the IMF was also up by USD 13 million to USD 4.644 billion during the reporting week, the data showed.