FOREX RESERVES @ RECORD HIGH

India's foreign exchange reserves surged by USD 5.84 billion to touch a fresh life-time high of USD 327.88 billion in the week to January 30, the Reserve Bank today. In the previous reporting week, the reserves had declined marginally by USD 97.9 million to USD 322.037 billion. The previous record high was USD 322.13 billion recorded for the week ended January 16. The increase in reserves was on account of higher foreign currency assets (FCAs), which forms a major constituent of overall reserves. In the reporting week, FCA rose by USD 5.814 billion to USD 303.325 billion, Reserve Bank data showed. FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as euro, pound and yen held in reserves. The Reserve Bank of India (RBI) earlier this week had said there was accretion to the country's foreign exchange reserves to the tune of USD 6.8 billion in third quarter of FY15. The country's gold reserves remained unchanged at USD 19.377 billion. Special drawing rights increased by USD 24.6 million to USD 4.072 billion, while India's reserve position with the IMF was up by USD 6.8 million to USD 1.108 billion during the week, the data showed.