Indian rupee and U.S. dollar banknotes (Photographer: Dhiraj Singh/Bloomberg)

India’s Foreign Exchange Reserves Jump To $421 Billion

India’s foreign exchange reserves rose by $167.8 million to $420.758 billion in the week that ended March 2 as core currency assets increased, according to data from the Reserve Bank of India.

During the week, foreign currency assets, a major component of the overall reserves, rose by $177.2 million to $395.642 billion, the apex bank said. In the previous reporting week, reserves had declined by $1.13 billion to $420.591 billion.

The reserves had touched a life-time high of $421.914 billion on Feb. 9. It had crossed the $400-billion mark for the first time on Sept. 8 last year, but has been volatile since then.

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

The value of gold reserves increased by $8.1 million to $21.522 billion. Special drawing rights with the International Monetary Fund declined by $7.4 million to $1.529 billion. The country's reserve position with IMF also declined by $10.1 million to $2.064 billion, the RBI said.