Forex Kitty Continues To Swell, Touches A New High Of $448 Billion
Foreign exchange reserves continued their upward march surging $1.710 billion to touch a new high of $447.81 billion in the week to Nov. 8, according to weekly data released by the Reserve Bank of India.
In the previous week, the reserves surged by $3.515 billion to reach $446.098 billion.
The increase was mainly on account of a rise in foreign currency assets, a major component of the overall reserves and jumped by $2.174 billion to $415.828 billion in the reporting week, as per the data released on Friday.
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 week, gold reserves declined by $443 million to $26.910 billion.
The special drawing rights with the International Monetary Fund were down by $3 million to $1.44 billion during the week.
The country's reserve position with the IMF also decreased by $17 million to $3.630 billion, the data showed.