Forex Reserves At Fresh High Of $437.83 Billion
A person counts U.S. one-hundred dollar banknotes. (Photographer: Paul Yeung/Bloomberg)

Forex Reserves At Fresh High Of $437.83 Billion

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The country’s foreign exchange reserves surged by $4.24 billion to touch a record high of $437.83 billion in the week to Oct. 4, according to the latest data from the Reserve Bank of India.

In the previous week, the reserves had surged by massive $5.02 billion to $433.59 billion. The increase in reserves in the reporting week was on account of rise in foreign currency assets, a major component of the overall reserves.

Foreign currency assets increased by $3.99 billion to $405.61 billion in the week ended Oct. 4, the RBI said.

Expressed in U.S. 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 the foreign exchange reserves.

During the week, gold reserves increased $232 million to $27.17 billion.

The special drawing rights with the International Monetary Fund was up by $1 million to $1.43 billion during the week.

The country's reserve position with the International Monetary Fund also increased by $9 million to $3.61 billion, the data showed.

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