Forex reserves surges by $4.24 bn to touch a record high of $437.83 bn

The country's foreign exchange reserves surged by USD 4.24 billion to touch a record high of USD 437.83 billion in the week to October 4, according to the latest data from the Reserve Bank of India.

In the previous week, the reserves had surged by massive USD 5.02 billion to USD 433.59 billion.

The increase in reserves in the reporting week was on account of rise in foreign currency assets (FCA), a major component of the overall reserves.

FCA increased by USD 3.99 billion to USD 405.61 billion in the week ended October 4, the RBI said.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.

During the week, gold reserves increased USD 232 million to USD 27.17 billion.

The special drawing rights with the International Monetary Fund was up by USD 1 million to USD 1.43 billion during the week.

The country's reserve position with the IMF also increased by USD 9 million to USD 3.61 billion, the data showed.