India's forex reserves reach record $487.23 bn

Gold reserves rose by $320 million to $31 billion.

The country's foreign exchange surged by $5.69 billion to reach an all-time high of $487.23 billion in the week to March 6 following an increase in foreign currency assets, according to the RBI data.

In the previous week, the foreign exchange reserves had increased by $5.419 billion to $481.540 billion.

Foreign currency assets, a major component of the overall reserves, rose by $5.311 billion to $451.135 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 rose by $320 million to $31 billion.

The special drawing rights with the International Monetary Fund (IMF) were up by $15 million to $1.447 billion.

The country's reserve position with the IMF also increased by $50 million to $3.656 billion, the data showed.

Photograph: Reuters