India's forex reserves shot up by a staggering $5.269 billion to $317.5 billion on the back of jump in foreign currency assets (FCAs) in the week ended October 14, making it the biggest single weekly rise in recent months.
The reserves had risen $749 million to $312.231 billion in the previous reporting week. FCAs, the biggest component of foreign reserves, shot up $5.191 billion to $281.653 billion for the week ended October 14, RBI said in its weekly data released this evening.
FCAs, expressed in US dollar, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in the reserves, it said.
The country's gold reserves remained unchanged at $28.667 billion. Both the special drawing rights (SDRs) and India's reserve position in the International Monetary Fund were also up during the week, the central bank said. The SDRs rose $49 million to $4.544 billion, while India's reserve position in IMF was up $29 million to $2.636 billion, the apex bank data said.