The country’s foreign exchange reserves surged by USD 4.483 billion to touch a record high of USD 585.324 billion in the week ended January 1, RBI data showed on Friday. In the previous week ended December 25, the reserves had declined by USD 290 million to USD 580.841 billion.

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In the reporting week, the increase in reserves was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves. FCAs climbed by USD 4.168 billion to USD 541.642 billion, weekly data by the Reserve Bank of India (RBI) showed.

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 USD 315 million to USD 37.026 billion in the week ended January 1, as per the data. The special drawing rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at USD 1.510 billion. The country’s reserve position with the IMF stood at USD 5.145 billion, same as the previous week.