Indian rupee and U.S. dollar banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

India’s Forex Reserves Rise By $445.4 Million To $401.3 Billion

India’s foreign exchange reserves rose by $445.4 million to $401.293 billion in the week to Aug. 24 on the back of increase in currency assets, the Reserve Bank of India said.

In the previous week, the overall reserves had witnessed a drop of $33.2 million to $400.84 billion. The reserves had been declining in the past few weeks as the RBI had been selling dollars to contain depreciation in the rupee, which breached the 71 mark against the greenback on Friday.

In the week to Aug. 24, foreign currency assets, a major component of the overall reserves, swelled by $386.6 million to $376.59 billion, as per the RBI data released.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of the non-U.S. currencies such as the euro, pound and the yen held in the reserves.

Gold reserves rose by $35.7 million to $20.763 billion for the reporting week, the central bank said.