Forex reserves surge $4.2 billion

The country’s foreign exchange reserves swelled by $4.27 billion to a lifetime high of $572.771 billion in the week ended November 13, RBI data showed on Friday. In the previous week ended November 6, the reserves had risen by a massive $7.779 billion to $568.494 billion. In the reporting week, the jump in reserves was on account of an increase in foreign current assets (FCAs), a major component of the overall reserves. FCAs climbed by USD 5.526 billion to USD 530.268 billion, the Reserve Bank of India’s weekly data showed.

The gold reserves declined by $1.233 billion in the reporting week to $36.354 billion, as per the data.

-Published on November 21st, 2020