India's foreign exchange reserves increased $1.49 billion to reach about $641 billion in the week ending October 15, as per RBI data published on Friday. RBI said the rise can be attributed to an increase in foreign currency assets (FCAs) - which is a major component of overall reserves.
Gold reserves spiked by $557 million to reach approx $38.58 billion in the same time period.
In the previous week ended October 8, the reserves had increased by about $2.04 billion to $639.52 billion. The reserves had touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
As per the data, foreign currency assets rose by $950 million to approx $577.95 billion. The foreign currency assets include the effect of appreciation or depreciation of non-U.S. currencies such as the euro, pound and yen held in foreign exchange reserves.
Special drawing rights with International Monetary Fund (IMF) fell by $21 million to reach $19.25 billion in the reporting week. India's reserve position with the IMF rose $6 million to reach $5.23 billion.
(With inputs from PTI)