India's forex reserves touch new high

India's foreign exchange reserves edged-higher during the week ended January 31 to touch a new record high.

The RBI's reserves rose by $4.60 billion during the week under review, official data showed on Friday.

According to the RBI's weekly statistical supplement, the overall forex reserves increased to $471.30 billion from $466.69 billion reported for the week ended January 24.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, rose by $4.32 billion to $437.24 billion, while the value of the country's gold reserves increased by $282 million to $28.99 billion.

However, the SDR value inched lower by $4 million to $1.43 billion.