Indian foreign exchange reserves grows to record USD 590.18 billion

Business

India’s Forex reserves have risen by 4.85 billion US Dollars to touch a record high of 590.18 billion dollars in the week ended January 29.

Forex reserves rose on account of an increase in foreign currency assets (FCA), a major component of the overall reserves.While the FCA increased by 5.03 billion dollars to 547.22 billion dollars, the gold reserves of the country declined to 36.29 billion dollars in this week.

India’s reserve position with International Monetary Fund was also reported to be down to 1.51 billion dollars during this period.

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