RBI Data Shows Sharp $14 Billion Rise in India’s Forex Reserves

India’s foreign exchange reserves rose sharply, by 14.167 billion US Dollars in the week that ended January 16, to 701.360 billion dollars, driven by a jump in both gold reserves and foreign currency assets. The country’s forex reserves has been hovering near its all-time high of 704.89 billion dollars. For the reported week, India’s foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at 560.518 billion dollars, up 9.652 billion dollars. The RBI data showed that gold reserves currently stand at 117.454 billion dollars, up 4.623 billion dollars from the previous week.