Forex reserves surge by $9.42 bn to all-time high of $620.57 bn

The country's foreign exchange reserves surged by USD 9.427 billion to record high of USD 620.576 billion in the week ended July 30, according to the latest RBI data. In the previous week ended July 23, the reserves had declined by USD 1.581 billion to USD 611.149 billion.

In the reporting week ended July 30, the rise in the reserves was on the back of an increase in foreign currency assets (FCAs), a major component of the overall reserves, the Reserve Bank of India's (RBI) weekly data released on Friday showed. FCA increased by USD 8.596 billion to USD 576.224 billion in the reporting week.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves were up by USD 760 million to USD 37.644 billion in the reporting week, the data showed.