Forex reserves rise $4.48 billion

The country’s foreign exchange reserves surged by $4.483 billion to touch a record high of $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 $290 million to $580.841 billion. Foreign currency assets climbed by $4.168 billion to $541.642 billion, weekly data by the Reserve Bank of India showed.