Forex Reserves At Fresh Record High Of $430.57 Billion
An Indian ten rupee banknote and U.S. one-hundred dollar banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Forex Reserves At Fresh Record High Of $430.57 Billion

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India's foreign exchange reserves surged by $1.620 billion to $430.572 billion in the week to Aug. 9 on rise in foreign currency assets, according to the latest Reserve Bank of India data released on Friday.

In the previous reporting week ended on Aug. 2, the reserves had declined by $697.2 million to $428.952 billion.

In the reporting week, foreign currency assets, a major component of the overall reserves, increased by $15.2 million to $398.739 billion, the apex bank said on Friday.

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

The country’s gold reserves surged by $1.591 billion to $26.754 billion, according to the data.

Special drawing rights with the International Monetary Fund were up by $6.7 million to $1.441 billion.

The country’s reserve position with the fund rose by $7 million to $3.636 billion.

Also read: Banking, IT Sectors Witness Highest Foreign Outflows In July

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