Forex reserves hit record high of $555.12 bn

The country’s foreign exchange reserves touched a life time high of $555.12 billion after it surged by $3.615 billion in the week ended October 16, according to RBI data.

In the previous week ended October 9, reserves had increased by $5.867 billion to reach $551.505 billion. During the latest reporting week, the rise in total reserves was due to a sharp rise in Foreign Currency Assets (FCAs), a major component of the overall reserves. FCA jumped by $3.539 billion to $512.322 billion, the data showed. FCAs include the effect of appreciation or depreciation of non-U.S. units such as the euro, pound and yen held in the foreign exchange reserves.

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