Forex Reserves Touch Fresh Record Of $555.12 Billion

Mumbai. The country’s foreign exchange reserves crossed $ 555 billion for the first time in the week ended 16 October. According to data released by the Reserve Bank, the country’s foreign exchange reserves rose by $ 3.61 billion to $ 555.12 billion in the week ended 16 October. This is the third consecutive week when it has increased. Earlier, in the week ended October 9, it increased by $ 5.87 billion to $ 551.51 billion and in the week ended October 02, it increased by $ 3.62 billion to $ 545.64 billion.

The central bank reported that in the week ended October 16, the largest component of foreign exchange reserves, foreign currency assets increased by $ 3.54 billion to reach $ 512.32 billion. Gold reserves also increased by $ 86 million to $ 36.68 billion. The International Monetary Fund Pass Reserve Fund was down by $ 11 million to $ 4.63 billion and the Special Drawing Rights stood at $ 1.48 billion.

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