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