India’s Forex Reserves Scale Record High Of $454.49 Billion
A collection of U.S. one-hundred dollar bills sit on a black background in this arranged photograph. Photographer: Paul Yeung/Bloomberg

India’s Forex Reserves Scale Record High Of $454.49 Billion

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India's forex reserves continued on the northward trajectory, rising to a new record of $454.492 billion on the back of a $1.07 billion accretion for the week ended Dec. 13, the Reserve Bank of India said on Friday.

The forex kitty had risen by $2.342 billion in the previous reporting week to $453.422 billion.

In the current reporting week, the rise was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which surged by $1.163 billion to $422.422 billion, according to the data.

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

During the reporting week, gold reserves decreased by $110 million to $26.968 billion, the RBI data said.

The special drawing rights with the International Monetary Fund were up by $2 million to $1.444 billion during the week.

The country's reserve position with the International Monetary Fund also increased by $14 million to $3.658 billion, the data showed.

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